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LONDON-Derry-based McCormick Properties has unveiled a £500 million ($780 million) regeneration scheme for Northern Ireland’s second-biggest city. The project entails the building of 30, high specification, office buildings on both banks of the River Foyle for more than a mile through Derry city centre between Craigavon Bridge and Strand Road.

The scheme also involves a new train station and a new footbridge across the river, providing a new link between the divided communities. “We want the scheme to help re-integrate the city both physically and socially,” said the chairman and founder of McCormick Properties, Gerry McCormick. “This scheme will pump major investment right into the city centre – £250 million into each riverbank.”

The project is partly modelled on the successful Laganside regeneration scheme in Belfast, where £100 million ($157 million) of public investment attracting over five times that amount in private funds to create 600,000 sf of offices; 100,000 sf of retail and leisure space and 425 housing units.

A planning application for Phase 1 of the development is expected to be submitted early in 2003.

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