The British government has approved a £300 million commercial redevelopment in Belfast city centre.
The scheme, just off Royal Avenue, is expected to create 1,000 construction jobs and 2,000 in retail and leisure once it is completed in 2011.
The contract for the Royal Exchange scheme has been awarded to Ewart Properties Ltd.
It is understood Brown Thomas is the key target to become one of the anchor tenants. Apart from the stores and other retail units, there will be restaurants, bars, cafes, 200 apartments and offices as well as a hotel, with parking for 700 cars.
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A huge regeneration scheme is already under way in the nearby Victoria Square area.