The €500 million redevelopment of the Waterford North Quays has taken a significant step forward as developer Falcon Real Estate has submitted a planning application for the scheme.

The project targets more than eight hectares of urban regeneration on the south-facing quayside waterfront in the city centre. It includes offices, residential buildings of up to 17-storeys in height, a hotel, a conference centre, and a retail and tourism building on the north bank of the River Suir.

The North Quays project is estimated to create more than 2,800 direct jobs on the site by 2023. A further 4,500 indirect roles are expected to be created too.

Falcon Real Estate Development submitted its application for planning to Waterford City & County Council. Subject to granting permission, work on the project will start in the fourth quarter of 2020.

Some of the components of the scheme include:

A seven-storey twin block comprising 15,000 square metres of office space adjacent to the city’s train and bus station

Five residential buildings ranging in height from 7 to 17 storeys, with 300 riverside apartments to accommodate 500 to 600 residents

A 15 storey 220-room 4-star hotel and conference centre

An extensive open public space designed to attract visitors from Waterford, the surrounding areas and international tourists

A multi-modal transport hub

A mixed-use commercial building destination comprising tourism, retail, food and beverage and leisure

In addition to including office, retail and residential elements, the area is also proposed to become one of the country's most modern transport hubs, connecting the site with rail, bus, the Waterford Greenway, pedestrian and electric bus with a sustainable link-bridge to Waterford city centre across the River Suir. Plans for the site were initially unveiled in 2017.

Artist impressions of the proposed redevelopment of the Waterford North Quays.

In a statement, Falcon Real Estate Development, which is part of the Saudi Arabian Fawaz Alhokair commercial group, said the submission of the application is "an exciting step forward" which will make the south-east "an unrivalled destination".

"The future sustainable transportation hub combines to give public transport connectivity, direct access to the country’s motorways and national road network, making it an outstanding location for both prime office, tourism and retail occupiers, in addition to new residents.

"We are acutely aware of the enormous public expectations for the North Quays and Michael Street projects. We are working closely with Waterford County Council, Kilkenny Council, Government Departments and State bodies, to ensure the delivery of the two developments and look forward to the imminent announcement of the Government funding model to deliver its Ireland 2040 project," the statement said.