The regeneration of Belfast’s Titanic Quarter has received a boost after the Northern Ireland Executive pledged more than £40m of funding toward its signature project.
The executive has agreed to offer up to £43.5m toward the £97m Titanic Quarter proposal for a Titanic Signature Project.
Designed by Texan-born architect Eric Kuhne, the gallery/heritage centre/conference venue will form the centrepiece of the regeneration showcasing the city’s maritime and industrial heritage.
The remaining £53.5m required for the project is expected to come from Titanic Quarter Limited, Belfast Harbour Commissioners and Belfast council.
TSP forms a part of the masterplan for the Titanic Quarter – the 185-acre mixed-use regeneration of Belfast’s docklands, which includes the former Harland & Wolff shipyard, where the ill-fated Titanic was built.
Dublin-based developer Harcourt recently submitted a planning application for 600,000 sq ft of offices at the site, demonstrating its desire to press ahead with the regeneration.
Tourism minister Arlene Foster said: “At a time when the Northern Ireland construction industry is under significant pressure, this project will deliver a much-needed boost to the sector.
“At the project’s peak there will be some 600 workers on site. That is without counting the additional benefits created through indirect and induced employment, which the Royal Institution of Chartered Surveyors estimate at two additional jobs for every construction job created.”
It is anticipated that construction work will begin early next year, subject to the satisfactory completion of commercial discussions and funding conditions with the project promoters, the conclusion of a legal agreement between all the funders and receipt of planning approval.
