A multi-agency initiative to develop projects along the Shannon in Limerick is expected to create 5,000 new jobs with a €1 billion investment over the next ten years.
The Riverside City initiative aims to place the Shannon area firmly at the centre of future development in Limerick.
Under the auspices of the National Spatial Strategy, the Riverside City project is a blueprint for a new cityscape with a range of projects along Limerick's waterfronts.
The major partnership project - devised by Shannon Development - was officially launched in Limerick by the President of the European Parliament, Mr Pat Cox yesterday.
"Limerick has been a riverside city for more than 1,000 years, and the implementation of the vision being set out today will see Limerick become a great European riverside city for this millennium," said Mr Cox.
"The vision of this project is to create a major new development zone for Limerick city that focuses on developing the riverside and canal edges, with the objective of projecting Limerick as a high quality environment for living, working, learning and leisure.
"With this ambitious new Riverside City project, Limerick is reclaiming its historic links with the mighty Shannon River," he added.
Town planners concede that Limerick had turned its back on the Shannon in the 1970's and 80's but say that has changed.
"After the demise of much of the old river-based industry, new developments arose which faced away from the river. However, in recent years we have witnessed new projects like the Clarion Hotel, Steamboat Quay and Arthur's Quay Park which have the river firmly as their focus," said Limerick City Council's senior engineer, Mr Seamus O'Sullivan.
While some of the project is aspirational, much of the water-based infrastructure - on which the initiative is based - is already in place.
The project envisages a river-based cityscape extending from the new river crossing below the city centre to the docklands area, city quayside, King's Island and extending to the University of Limerick. Limerick's fourth river crossing - a tunnel under the Shannon - is expected to be completed by 2008 at a cost of €320 million. Limerick has been designated as one of the hub areas for balanced development in the mid-west.
The Riverside City plan estimates that the population of Limerick and its hinterland will grow from 214,000 to 220,000 over the next 20 years. Included in the plan is a new international services centre for the docklands, an arts and performance centre for the quayside and provision for a tenfold increase in the number of pleasure craft visiting the city within ten years.
The international services centre - still at the feasibility stage - will be similar to the Dublin docklands incorporating private companies, IT and financial institutions. A further €50 million investment is planned for the historic King's Island area where major rejuvenation work has already been carried out.
The Riverside City project is a partnership, involving Shannon development, Limerick City Council, Limerick and Clare County Councils, Shannon Foynes Port Company, the University of Limerick and Waterways Ireland.
"One of the things that key players in this region have learned to do well is work in partnership. The Riverside City project will be no different - partnership will be the key to its success," said Shannon Development, chief executive, Mr Kevin Thompstone.