It's been confirmed that detailed contracts have been signed by the Saudi firm behind the re-development of the North Quays and Michael Street in Waterford City.
It's believed a formal signing and launch involving Fawaz Al-Hokair will be held in the coming weeks.
The compulsory purchase order of land on the North Quays has also been formally approved by An Bord Pleanála, meaning the local authority now have ownership of the site.
Additionally it's been revealed that the widening of Browne’s Lane and Hennessey’s Road, and the demolition of the former WIT building is to commence next month to allow for the Michael Street Development.
Part 8 public consultation for the stabilisation of the rock face at Plunkett Station & road infrastructure is to commence next week.
Speaking about the development, Waterford Fine Gael Councillor John Cummins said, "another couple of significant hurdles have now been overcome."
"We've had the signing of the contracts," he said, "we've also had confirmation of the compulsory purchase orders, we've been waiting over 12 months for those. We very much look forward to seeing a planning application coming in to the Council."
