Waterford City and County Council is seeking an extra 44 million euro from the Government for the North Quays development.
It had been mooted originally that funding of 60 million would be sought, however in it’s submission the Council is requesting 104.5 million euro from the government’s Urban Regeneration and Development Fund with matching funding of €34.8 million.
The total cost will be just under 140 million euro. That is aside from the Fawaz Alhokair’s 350 million euro investment.
The funding would be provided over four years, starting with €20 million next year if granted.
The stakeholders include Waterford and Kilkenny Councils, and the Ard Rí site is also included .
The 104.5 million euro from the government’s Urban Regeneration and Development Fund will be matched with funding of €34.8 million.
That is made up of 16.8 million from Waterford Council, 3.5 million from Kilkenny County Council, 9.4 million from Fawaz Alhokair and 5.1 million from the National Transport Authority.
These contributions are going towards infrastructure, with Alhokair’s covering public realm works, the sustainable transport corridor and parking for a transport hub.
Kilkenny County Council say they are not in a position to contribute to developments in the Waterford functional area and Irish Rail state the same regarding the integrated transport hub.
The submission also says there will be an international scale tourist centre on the former Ard Rí site. This will include a 4 star hotel, a spa and a holiday village.
Seamus Walsh, the owner of the site is named as one of the partners for the development, alongside the Alhokair Group, semi-states Irish Rail and Waterford Port.
It’s expected that there will be 1,250 construction jobs for the development.
Waterford CEO Michael Walsh says when completed, the projects will transform a derelict site through the creation of a modern, mixed use development that will compliment
the existing historic city core.