Saudi firm gets green light for €300m development in Waterford city centre
A major €300m redevelopment of Waterford city is set to be given the green light after a Saudi investment group reached agreement to develop the Michael Street shopping centre and the North Quays.
Fawaz Alhokair Group has reached an agreement to develop the sites which are currently controlled by NAMA.
Independent.ie understands that a meeting of the council scheduled for Thursday will give the go-ahead for contract talks to commence.
The redevelopment of both sites has been fraught with difficulty, with a number of problems related to planning delaying redevelopment .
The site is currently under the control of NAMA, however council officials are optimistic that the State agency will agree to hand over the land so that construction can commence.
Both sites received Strategic Development Status in 2016, a factor which officials say generated stong interest in developing the land.
Officials said that negotiations with the Saudis began in September of last year.
The proposed development would include 30,000 square feet of retail space, 15,000 square feet of hotel accommodation, 30,000 square feet of apartments, as well as 10,000 square feet of office space.
It is believed that a number of key infrastructural investments would be necessary before the plans can get under way. One council official put the required investment at €70m, which he said would include the rebuilding of a rail station in the area.