A major new development set to bring an investment of 30million to a half-acre site at Donegall Quay in Belfast, was welcomed today by the Minister for Social Development, Nigel Dodds MP MLA.

The imaginative project which will bring a new hotel, apartments and commercial office suites to the river's edge was confirmed today when Laganside announced a development agreement has been reached with commercial partners.

A new company called Donegall Quay Limited has prepared plans for a seven-story building linked to an 18-storey tower that, together, will provide 250,000 sqft of floor space. This will combine a hotel, commercial office suites, specialist shopping units and restaurants, as well as 130 high specification city centre apartments.

Speaking at today's event, the Minister said:
"The development proposal is evidence of continued private sector confidence in the Laganside Initiative and in Belfast City Centre. The importance of Laganside developments in contributing to the economic growth of Belfast, particularly in terms of Jobs and economic opportunity, cannot be overstated.

"We have seen investment in and around the Laganside area totaling more than £730m and more than 10,000 people now have jobs within the area, a figure which will rise to over 16,000 by 2005.

"My Department which has provided the bulk of the funds for these developments, remains supportive of the Laganside Corporation and is encouraged by its progress"

Tony Hopkins, Chairman of Laganside, welcomed the announcement as a landmark in regenerating the central areas of Belfast, he said:
"This is the type of high quality and imaginative development to enhance the progress which has already been made as the dynamic momentum of Laganside continues. An investment of this kind, across the river from the Odyssey, can only serve to enrich the riverside experience."

Gayle Blackbourne of Donegall Quay Limited commented:
"We are finalizing our plans so as to ensure that our substantial investment delivers the maximum benefit to the regeneration of this important and historic location. The drawings and sketch plans unveiled today demonstrate that the development will be both attractive and functional."

Although just a half acre in size, the site has great historical significance. Donegall Quay is closely linked to the origins of Belfast, largely due to its proximity to the River Farset, and was an active working Quay right up to the 1980's. It is perhaps best known as the quay where the emigrant boats of the 1850's and subsequently the Liverpool, Heysham and Ardrossan ferries once tied up.

Donegall Quay was earmarked for a key role in the development of Laganside. Now, negotiations for one of Belfast's most ambitious new projects have been completed with Donegall Quay Limited, a company specially established to undertake the venture and incorporating Karl Properties Limited, in partnership with Mar Properties Limited and Greenfarm Developments Limited.