Company behind Waterford North Quays development welcomes airport funding

Justin Kelly

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Justin Kelly

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Company behind Waterford North Quays development welcomes airport funding

North Quays development office and plaza. Picture: Falcon Real Estate Development

Falcon Real Estate Development Ireland, the company that is backing the Waterford North Quays and Michael Street development projects, has welcomed the announcement by the Government this week that it is going to invest €5 million in Waterford Airport, in a project to lengthen and widen the airport’s runway.

"This is a very positive development for the City of Waterford and the South East Region in general," Falcon said.

"Falcon Real Estate Development looks forward to continuing to collaborate with the stakeholders in the South East and National level to unlock the 350k to 500k passengers a year, which sees between €100m and €150m added to the South East economy a year once delivered," the company said.

"This unlocks around 2,000 jobs for the South East. The company also looks forward to seeing the Regional Technical University application with Carlow and Waterford IT being delivered and approved to provide the talent pipeline to these jobs, including 6,500 at the North Quays and a wider 120,000 jobs that the South East creates under Ireland 2040."

"The funding jointly delivered by Waterford Airport, Waterford, Wexford & Kilkenny Council, the Department of Transport and the private investors of Dawn Meats Group, Glanbia Plc and Coolmore Stud will assist with connecting the airport to the North Quay and Michael Street developments in the promotion of commercial activity, job creation and tourism across the region."

"A good working airport is central to the social and commercial eco-system of any region and the extension and widening of the runway at Waterford Airport will enable access for large passenger aircraft. This is of important significance in terms of both commercial passenger transit and cargo potential," Falcon said.

"It makes perfect sense there is a proper working airport for Waterford and the region. The population in the South East region is expected to grow by 30% to over 785,000 by 2040. As the fastest growing regional economy outside Dublin over the past six years, there has been an estimated total of €500 million in corporate investment in the region in the last six months and the region is a major employment centre with a strong record of indigenous and multi-national companies."

"The North Quays and Michael Street developments will mark a major economic boost for Waterford and the South East Region of Ireland. The total investment is estimated to be €350 million in the development, phased over three to five years. 2,500 full-time roles will be created during the development of the new district, with an additional 4,500 indirect jobs."

"The planned integration of the schemes with the existing urban centre of the City will confirm Waterford as the Gateway City of the South East Region, increasing regional and national visitation and tourism, and will serve to reverse regional economic leakage. Combined with the forecasted 2040 population growth of 181,000 people for the South East, the retail and tourism market size in the South East is expected to grow from €4 billion in 2015 to €7.25 billion in 2025."

"Falcon Real Estate Development looks forward to continued collaboration with Regional and National Stakeholders to unlock the full potential of Waterford and the South East."