Former Mayor of Waterford Cllr. John Cummins has welcomed news that investors have been lined up to build the 10,000 sq./m retail complex at Michael Street and are at advanced talks with Waterford Council regarding a large scale mixed use complex on the North Quay’s stretching to 90,000 square meters including significant retail, office, hotel and conference capacity, tourist facilities, housing and open space.
Deputy David Cullinane said the “development of the North Quays and the New Street site will change the face of Waterford for generations. This is a once in a lifetime development that needs to be taken with both hands.” He described the plans as “ambitious” and “game changing”. He said connecting the North and South Quays will extend the city centre and create enormous opportunities as well as jobs.
Saudi-based Fawaz Alhokair Group have been lined up to invest circa €300 million euro in Waterford following expansion into Europe in recent years. Collr. Cummins said “this news has the potential to transform Waterford City and enable us to create a critical mass of modern retail and office accommodation capable of attracting all the major fashion brands to Waterford. It is worth noting that the Alhokair Fashion Groups partners with all the major brands such as Zara, Aldo, Banana Republic, Bershka, Marks & Spencer, Pull&Bear and Superdry.”
A major investment of this scale is a once in a lifetime opportunity for Waterford City to fully realise its potential as a regional city of significance within Ireland and will catapult our city forward. It is envisaged that over 3,000 permanent jobs would be created on the North Quays in addition to 400 in the newly named Applemarket shopping centre (previously referred to as the Michael Street Retail development).
Cllr. Cummins said the plan would see the Alhokair group commence construction on the Applemarket retail development, as approved by An Bord Pleanala with some internal alterations once the remaining technicalities are resolved with NAMA who own the loan book for the site. Attention would then be turned to the North Quays where it is expected that a further 30,000 sq/m of gross retail space would be added along with 30,000 sq/m of residential development, 10,000 sq./m of commercial office accommodation, 15,000 sq./m hotel and conference centre, 10,000 sq./m tourist attraction, 30,000 sq./m of green space and capacity for 2,000 vehicles.
It is understood that the Council are to meet again on Thursday to finalise terms that would allow the CEO Michael Walsh to sign contracts with the Alhokair Group. Collr. Cummins concluded by saying “This is a once in a century opportunity to transform our city. To say this is a game changer is an understatement, it will transform our City, how we are perceived and it is an opportunity which we cannot pass up. However, legitimate concerns exist regarding the potential impact on our current high street retailers and I believe the link via transport shuttle from the North Quays to the Applemarket stopping in John Roberts Square is one of the most critical element of the entire project.“
Deputy Cullinane wished the City and County Council management and elected members well as they seek to implement these ambitious plans.