They've decided to transfer the land titles for €9 million euro.
The site of the proposed Michael Street shopping centre makes up almost half of the sale at €4 million euro. These lands are across an area by the Apple Market, Newgate Street, Alexander Street, Stephen Street and New Street.
Council chief executive Michael Walsh said the cost of the Michael Street site is mainly down to its city centre location. He reassured councillors that the development is set to commence by the second quarter of the coming year.
The combined size of the two sites is almost nine hectares.
110 million euro in government funding was announced for the redevelopment last month.
The North Quays project is the largest commercial development in Waterford and currently the largest urban regeneration project in the Country.
The combined private and public investment in the project is estimated at over €500m, with the private development delivering nearly 2,300 full-time jobs by 2023 and with the creation of a further 4,500 indirect jobs in the community.
Photo: Nigel Kelly