A planning application for a major redevelopment of Waterford city's North Quays, which is being backed by a Saudi Arabian company, was submitted on Tuesday.
Falcon Real Estate expects there will be €500 million invested in the project over five years, and that thousands of jobs will be delivered during the construction phase and after the project is completed.
The development, on an eight hectare site, will include a 15-storey hotel and conference centre, twin blocks of office space rising to seven storeys, 300 apartments spread across five residential buildings of seven to 17 storeys in height and an open public space. If approved, it is hoped that construction will get underway towards the end of next year.
As part of the deal struck between Falcon, part of the Fawaz Alhokair Group, and Waterford City and County Council, a shopping centre will also be built about 1km away on Michael Street in the city centre.
"Waterford's historical city centre is a conservation area and we have always struggled before to introduce office space there, so the North Quays allows us to create office space now," said Niall Harrington, of Fewer Harrington and Partners, who is the lead architect on the project.
The site, which has Strategic Development Zone designation, will include a transport hub catering for trains, buses, cyclists and pedestrians with a link-bridge connecting the North Quays site to the city centre.
The council is waiting on confirmation of infrastructural funding from the Government, some of which would go towards relocating the existing train station.
“The backbone of the North Quays is tourism in my opinion and the transport hub gives us an opportunity,” Mr Harrington said. “We want people to see the North Quays as a destination in its own right.”
He said securing planning permission was the ain thing for now and then focus would turn to finding tenants for the development.
“There’s a hell of a lot of conversations taking place behind the scenes but unfortunately nobody really commits unless there that is certainty,” he added.
“We want to attract the bigger brand names. Waterford is cheaper to live in compared to Dublin and the cost of floorspace is much cheaper as well. We just need that product and then we can say ‘come talk to us’.”