CONSTRUCTION OF the £97 million Titanic Signature Project is finally underway in Belfast following a decision by a sister company of Dublin-based Harcourt Developments to move ahead despite outstanding legal issues.
Titanic Quarter Limited, which was set up by Harcourt in 1998, to spearhead the regeneration of land which was formerly home to shipbuilders Harland Wolff, has started construction of the project at “its own risk”.
The Titanic Signature Project aims to establish the Titanic Quarter in east Belfast as a major leisure and tourism destination.
It will involve the construction of an international visitor centre which will be housed in an “iconic” five storey high building.
Work on the project, which is expected to create 600 jobs during its construction, was originally scheduled to start last January but it has been dogged by a major legal wrangle involving its key funders.
The North’s Enterprise Minister, Arlene Foster, has said that it is “absolutely vital” that the landmark building would open to the public ahead of the centenary of Titanic’s sinking in April 2012.
But the co-funders of the project have to date failed to sign an important agreement which, according to the North’s Department of Enterprise, establishes the terms relating to the “funding, development and operation” of the project.
The project will be jointly financed by four key funders; the North’s Executive, the Belfast Harbour Commissioners, Titanic Quarter Limited, a sister company of Harcourt Developments and Belfast City Council.
The Executive together with the Belfast Harbour Commissioners and Titanic Quarter Limited are putting up the majority of the cash.
The Executive has committed £43.5 million towards the project which will celebrate the city’s unique relationship with the ill-fated luxury passenger liner.
The Belfast Harbour Commissioners and Titanic Quarter Limited have also agreed to contribute £43.5 million, while Belfast City Council has allocated £10 million.
There had been concerns that because of the delay in the construction schedule the project might not be completed by 2010.
But the Titanic Quarter Limited has undertaken “substantial works” on site in east Belfast which ensures the project is now back on track for the Titanic’s centenary celebrations.
A spokesperson from the Department of Enterprise Trade and Investment confirmed the development. “Work on the Titanic Signature Project site has been under way for some time.
“As a signal of its commitment, Titanic Quarter Limited, the private sector partner in the project, initiated this work at its own risk, pending resolution of the outstanding issues. Consequently the project remains on course for April 2012.”
The spokesperson said the department is not underwriting Titanic Quarter Limited’s financial contribution to the project following its decision to go ahead with construction of the project.
“The proposed Executive contribution to the Titanic Signature Project remains at a maximum of £43.5 million,” the DETI spokesperson added.
