€170 million has been approved by Cabinet for the redevelopment of the North Quays in Waterford in what is being described as the "official green light" for the regeneration project.
The welcome funding will now allow Waterford City and County Council to appoint a brand-new developer for the North Quays project.
Current proposals include a 15-storey hotel and conference centre, twin blocks of office space and 300 apartments.
A new train station, transport hub and pedestrian bridge is also being built across the river Suir as part of the most ambitious development ever seen in Waterford.
Speaking to Beat News, Waterford Senator John Cummins says it's a momentous day:
"This major investment will unlock the potential that we all know exists on the North Quays site.
"When the project is delivered it will help redefine Waterford city and help us to compete on a level playing field with our peer cities."
He continued: "Really, today is the official green light in what is the biggest regeneration project in the country."
