Preliminary site works are under way on Belfast's Victoria Square shopping centre, and three final pieces in the development jigsaw are now in place, clearing the way for construction proper to begin.
The scheme's Dutch developer, AM Development, has signed a funding agreement with the German Institution Commerz Grundbesitz Investmentgesellschaft, under which CGI will finance the construction and purchase the scheme from AM on completion.
At the same time, the Northern Ireland Department of Social Development has signed the agreement with AM Development, which will be unconditional very shortly. The Northern Ireland Department of Social Development agreed to hand over ownership of the site to the developer.
Martyn Chase, partner at Donaldsons, the scheme's development consultant, said: 'The scheme is on target to open in 2007 and leasing discussions with retailers are going well.' Victoria Square will comprise 800,000 sq ft (75,000 sq m) of retail and leisure space, alongside housing and 1,000 parking spaces.
The innovative design creates 17 new buildings, a two-level covered street and a 100 ft diameter glazed dome over Victoria Square.
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