SDLP Proposes Infrastructure Funds for Belfast’s Tribeca Development

The SDLP has proposed that Stormont infrastructure funds might be utilized to facilitate the partial public acquisition of Belfast’s delayed Tribeca development. The party advocates for the executive to investigate employing funds designated as Financial Transactions Capital (FTC). On Monday, the SDLP plans to initiate a debate within the assembly, urging ministers to consider various approaches for advancing the Tribeca site, an area spanning from the vicinity of Royal Avenue to St Anne’s Cathedral. This particular area has experienced growing dilapidation due to the minimal advancement made on development plans by the English company that has held ownership of the site since 2016. The executive has encountered difficulties in identifying appropriate projects, resulting in an underspend of over £460m in the FTC budget between 2016 and 2022. FTC represents a category of infrastructure expenditure where the executive either invests in or provides a loan to private sector initiatives. Castlebrooke Investments secured planning approval for the Tribeca scheme, primarily focused on office space, in January 2020. Earlier in the current year, the chief executive of Belfast City Council expressed that there had been “beyond a certain level of frustration in relation to the activity on the Tribeca site”. Furthermore, the council verified its consideration of options such as vesting or compulsory acquisition of the project. Matthew O’Toole, the SDLP assembly leader, stated: “If the site is vested, we could deploy unspent FTC to deliver a new future for the site, with the Laganside Corporation offering some kind of precedent for how the structure might work.” He added, “There are limitless economic, cultural and social benefits for the city to realise.” O’Toole concluded, “If ministers feel this isn’t the right approach, they and Belfast City Council should explain their alternative. The status quo isn’t defensible any longer.” The Laganside Corporation, a publicly-owned entity, functioned from 1989 to 2006 with the objective of revitalizing significant portions of the riverfront in central Belfast. Among its undertakings were the Lagan Weir, the Waterfront Hall, and the Gasworks business park. Copyright 2024 BBC. All rights reserved. The BBC bears no responsibility for the material found on external websites. Information regarding our policy on external linking is available.