Northern Ireland's biggest development project, at a cost of £1 billion (€1.46 billion), was unveiled in Belfast yesterday and promises the creation of as many as 20,000 jobs and 2,000 new homes.
Construction on the site, which is known as the Titanic Quarter, will begin early next year and will continue for the next 20 years.
As many as 15,000 construction jobs will be created for the duration of the project, which will see the area transformed into a community, combining housing with business, leisure, tourism and education.
The project will regenerate a 185-acre site on the banks of the Lagan to the east of the city centre, an area that was once the industrial core of the North and birthplace of one of the world's most famous liners.
"This will become a major symbol of the economic regeneration of Belfast and Northern Ireland," Mike Smith, chief executive of Titanic Quarter, said yesterday.
"At 185 acres and with a mile of water frontage, this development will bring new life to a part of the city that is rich in both history and potential."
The first phase of the development, which is being undertaken by Dublin property developers Harcourt Developments, includes apartments, a hotel on a marina at Abercorn Basin and a major new office development.
The site has been designed by leading American architect Eric Kuhne, who has been involved in developments in all corners of the world, including the Darling Harbour in Sydney and Mid Valley Gardens in Kuala Lumpur.
Speaking after the launch, where he outlined his vision for the project, Mr Kuhne said this was one of the most exciting projects he had worked on.
"As the largest waterfront space in the world this site has huge potential," he said, adding that the focus for the project was to create a place for families and friends to live and go about their daily business, rather than for individuals to operate as singles.
A key feature of the site will be the living accommodation, which will be a series of small villages.
Mr Kuhne said that nobody would be more than 250 metres from green space, and the apartment blocks would feature gated gardens such as those to be seen in exclusive London boroughs such as Notting Hill and Kensington.
Many see the project as a catalyst for development, including chairman of Belfast Harbour Commissioners Frank Cushnahan and Invest Northern Ireland, a group charged with bringing increased investment to the North.
US investment group Citigroup has already opened a European office in the area. It is hoped that many more multinational companies will see the benefits Belfast has to offer and follow suit.
The first part of the project is due to be open in time for 2012, the centenary of the launch of the Titanic.