The optimism sweeping Northern Ireland is being reflected in the business community, with an ambitious €1.4 billion development project in Belfast at the forefront, writes Francess McDonnell.

Loyalist east Belfast is not the kind of place where you expect to see Gerry Adams agreeing with Ian Paisley. But anyone who needs proof that the current version of the peace process is actually working on the ground need go no further than the Albertbridge Road.

Adams and Paisley are the principal features of a decorative metal shutter which belongs to the For Cod & Ulster fish and chip shop.

It shows the North's First Minister declaring it to be "probably the best chippy in Northern Ireland", while the Sinn Féin leader replies: "At least we agree on something."

Before the latest reincarnation of the Assembly, it is unlikely this humorous take on life would have been greeted with anything but contempt - and probably worse - in this part of town.

But David Kerr, the 21-year-old entrepreneur behind the chippy, appears to have captured the wave of optimism which has swept across the North since the restoration of devolved government last month. "Times are changing and we want to improve the image of our country. Some people say we are more like a museum than a chippy," says Kerr.

His menu not only gives customers an opportunity to sample a "B Special" burger - or the Ian Paisley variety (bacon, cheese, salad, an onion ring and any sauce), but also to indulge in a "Ya Big Chicken" burger - Drumcree style.

The humour may not be to everyone's taste, but the fact that Kerr is still in business and his chippy is becoming something of a media star reinforces the impression that a new, more tolerant society is emerging.

This long-sought reputation for tolerance is what politicians and business leaders are banking on to attract millions of euro of new investment to the North.

Thirty-five years of Troubles created something of a siege mentality among the North's business community - it was a case of keeping your head down and getting on with it.

Sectarian violence deterred the majority of foreign investors from even considering it as an investment location, so the economy was largely driven by the British government's public expenditure programme. Today public spending still accounts for 63 per cent of Northern Ireland's gross domestic product, and one in three people works in the public sector.

According to Michael Smyth, senior lecturer in economics at the School of Economics and Politics, University of Ulster, decades of political unrest created a smokescreen over the real problems in the economy. In the current edition of the First Trust Economic Outlook and Business Review, he argues that the standards of living for the vast majority of people were maintained by British public spending.

However, he believes this is about to come to an end and that there will be only about 1 per cent annual growth in real public expenditure - far lower than it has been in more than two decades.

So where does this leave Northern Ireland?

According to the man behind the biggest property development project ever undertaken in the region, it leaves it with an opportunity to shape its own future.

Mike Smith is chief executive and managing director of Titanic Quarter Limited, the company which aims to transform a 185-acre site - once part of Harland and Wolff - into an ambitious €1.4 billion development over the next 15 years.

The land is owned by Belfast Harbour Commissioners, but the development rights were purchased by the Dublin-based property company Harcourt Developments - which acquired Titanic Quarter Limited as part of the deal.

Nestled in the heart of the 185-acre brownfield site is the slipway where the Titanic once rested - a powerful symbol of Belfast's heyday in the early 1900s.

Back then the city was an economic powerhouse driven by its link with the world's linen industry, and Harland and Wolff's reputation as one of the world's largest shipbuilders.

At one time the yard employed more than 30,000 men in Queen's Island on the banks of the river Lagan. It was a leader in its field, an engineering giant ahead of its time; the Titanic - despite its tragic legacy - was the largest and grandest ship of its day.

Harland and Wolff dominated both Belfast's economic fortunes and the city's skyline, with its giant yellow cranes, for decades. Samson and Goliath, as the cranes are known locally, may still be a powerful reminder of the role the shipyard once played, but they are now jostling for attention in a rapidly-changing city skyline.

According to Smith, the Titanic Quarter will become a new symbol of the economic regeneration of Belfast and Northern Ireland.

"This will bring new life to a historic part of Belfast. It is a pretty unique waterfront development because we have a mile of water frontage here and the potential is huge. We have a vision which retains a sense of the history but marries it with the opportunities of the future.

"What we want to create is a new area for living, working and enjoying yourself in Belfast, but an area which is connected to the city centre. The essence of Titanic Quarter is that it will be a really special place for Belfast," says Smith.

The proposals for the new maritime quarter are ambitious - the plan is to create commercial and residential space that will accommodate up to 35,000 people. It has been suggested that up to 20,000 jobs will be created over the lifetime of the 15-year development. Up to 5,000 apartments, two million square feet of business, office and research and development space and a further 1.4 million square feet of commercial space is being developed.

On top of this, 450,000 square feet of land has been earmarked for leisure development, which could include a range of hotels, restaurants, bars and cafes.

Smith, who has had a 25-year career in urban regeneration, says the plans are grounded in reality. He was formerly head of Laganside Corporation, a body set up by the government in 1989 to tackle the social and economic regeneration of inner city Belfast.

Its success is undisputed; it helped transform some of the city's most derelict and neglected areas into what have become highly sought-after addresses, including Lanyon Quay, the Waterfront Hall and the now bustling Cathedral Quarter.

Smith is not a man to take a challenge lightly. He sees Titanic Quarter as a "high quality" reality.

"Phase one of Titanic Quarter is already under way. Phase two will begin early next year, so our vision is already being delivered on the ground. One way to change people's views is to effect physical change on the ground and that's exactly what is happening here," he says.

One of the earliest developments in the quarter was the Northern Ireland Science Park, located on a 24-acre site which will provide 400,000 square feet of hi-tech space.

It's now home to more than 20 businesses, including Microsoft and the US financial services company Citigroup.

The group's technology centre is based in White Star House, which overlooks the dock where the Titanic was fitted out. This dock, which is slightly overgrown and surrounded by temporary railings, could be the big star in Titanic Quarter in the future.

Titanic Quarter Limited, Belfast Harbour Commissioners and the Northern Ireland Executive are backing a €133 million scheme to create a Titanic signature building at the head of the Titanic slipway.

Located on more than three acres of the land, the building would be more than five storeys high - nearly twice the size of Belfast City Hall - and contain five "Disney-like" themed exhibition galleries which would tell the story of the Titanic.

The proposal is to have the project completed by 2012, the centenary of the sinking of the Titanic.

Tourism chiefs say it could attract up to 400,000 visitors per year. In the meantime, Smith believes Titanic Quarter is shaping up to reflect the real changes which are taking place across Belfast and Northern Ireland.

"You can sense the mood here. Life is different, there is a new confidence about and nobody wants to go back to the way it was. Everyone welcomes that and is embracing the future."

Those who want to get a taste of the future can pop along to the Albertbridge Road and take a look at For Cod & Ulster's Titanic section.

There is no mention of "the quarter" yet - but just give David Kerr a chance.