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28/03/2006
Belfast City Centre to receive £300m cash boost
The North East Quarter of Belfast City Centre is to receive a major cash boost for a substantial retail-led regeneration in the area.
Social Development Minister David Hanson today announced that a total of £300 million is to be pumped into the redevelopment of the city.
Mr Hanson said: "Following careful consideration of the proposals for the North East Quarter and the North West Quarter, I have selected the North East Quarter as the next area for major retail-led regeneration in the City Centre based on proposals submitted by William Ewart Properties Ltd.
"Ewarts and their development partners are therefore preferred developer for the scheme which has the working title 'Royal Exchange.'"
It is understood that the scheme is envisaged opening in 2011, subject to obtaining planning permission and meeting all other statutory requirements.
It is estimated that the scheme will provide 1,000 jobs during construction and 2,000 jobs in retail and leisure when completed.
Mr Hanson continued: "The North East Quarter from Royal Avenue to Donegall Street has been characterized by blight and abandonment with historic buildings crumbling from neglect. An area that once contributed to the life of the City Centre has deteriorated in physical, social and economic terms."
The Minister added that with the proposal for the re-development of this area depicts a new beginning and a bright future with new shopping, city centre living, office space and a new arts centre.
He added: "Government has a straightforward role in all this: we have set the framework and context to encourage private investment. That is what we have done in Laganside and at Victoria Square and that is what we now propose to do at the heart of the City Centre."
Acheson Elliott, Development Director of Ewart Properties said: "Having invested over £30m in this area over the last 10 years, it is fantastic news that we will now get government support to help deliver a comprehensive regeneration scheme for the North East Quarter. We've put together a local and international team that will deliver a very high quality £300m retail-led scheme that will provide a range of economic, social and cultural benefits to Belfast."
Mr Elliot concluded by saying that his company are very grateful to the range of stakeholders in the City who have supported their proposals and that they are looking forward to getting started on the project.
(EF/SP)
Social Development Minister David Hanson today announced that a total of £300 million is to be pumped into the redevelopment of the city.
Mr Hanson said: "Following careful consideration of the proposals for the North East Quarter and the North West Quarter, I have selected the North East Quarter as the next area for major retail-led regeneration in the City Centre based on proposals submitted by William Ewart Properties Ltd.
"Ewarts and their development partners are therefore preferred developer for the scheme which has the working title 'Royal Exchange.'"
It is understood that the scheme is envisaged opening in 2011, subject to obtaining planning permission and meeting all other statutory requirements.
It is estimated that the scheme will provide 1,000 jobs during construction and 2,000 jobs in retail and leisure when completed.
Mr Hanson continued: "The North East Quarter from Royal Avenue to Donegall Street has been characterized by blight and abandonment with historic buildings crumbling from neglect. An area that once contributed to the life of the City Centre has deteriorated in physical, social and economic terms."
The Minister added that with the proposal for the re-development of this area depicts a new beginning and a bright future with new shopping, city centre living, office space and a new arts centre.
He added: "Government has a straightforward role in all this: we have set the framework and context to encourage private investment. That is what we have done in Laganside and at Victoria Square and that is what we now propose to do at the heart of the City Centre."
Acheson Elliott, Development Director of Ewart Properties said: "Having invested over £30m in this area over the last 10 years, it is fantastic news that we will now get government support to help deliver a comprehensive regeneration scheme for the North East Quarter. We've put together a local and international team that will deliver a very high quality £300m retail-led scheme that will provide a range of economic, social and cultural benefits to Belfast."
Mr Elliot concluded by saying that his company are very grateful to the range of stakeholders in the City who have supported their proposals and that they are looking forward to getting started on the project.
(EF/SP)
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