The £1 billion plan to transform Dundee’s waterfront and cap it off with the V&A museum has been receiving international attention at an investment expo in Glasgow.
City development director Mike Galloway said the two-day WaterfrontExpo 2011 (link) represents Dundee’s ”biggest opportunity” to bring the riverside regeneration to the attention of investors.
Around 150 delegates have come from across the globe to hear about developments to rejuvenate the area, plans for renewables investment at Dundee docks and the re-use of previously off-limits land at Riverside Park.
Mr Galloway said much of the infrastructure work at the waterfront is either complete or under way and the focus is now on securing fresh investment to sustain that change.
Around a third of the funding has been committed and Mr Galloway said the expo gives Dundee the chance to shout about its vision to a new audience.
He said: ”Dundee waterfront is a project of real scale. We are not just talking about the central waterfront, we are talking about Invergowrie Bay right to Grassy Beach over eight kilometres in total.
”There is £1 billion of investment in this project and we are half the way through the infrastructure works.”
He added: ”The (infrastructure) funding is now in place and there is a whole new economic base being created in the city through renewable energy, digital media and so on.
”We are now looking for new investment and for development partners to come in and see this through to completion.
”We are pitching to investors and we want to show them what is happening, that Dundee is a bigger project than perhaps they thought and that there is clear and determined governance overseeing this project.
”The real drive and momentum is at Dundee waterfront. We want to reach investors who would not previously have considered Dundee and get the city on their radar.”
Mr Galloway said projects such as the V&A can only help Dundee’s cause worldwide.
The £45m Kengo Kuma-designed building due for completion by 2015 features heavily in materials used to market the Dundee of tomorrow.
Mr Galloway said: ”I would say all of the infrastructure will be complete by 2021. The pace of development thereafter depends on the economy.”
Details of waterfront projects developed by Glasgow and Edinburgh councils have also been highlighted representing Scottish regeneration plans totalling £3bn while updates have been given on developments at Barcelona, Chicago, Yokohama and Marseille.
Scottish Enterprise director Derek McCrindle said waterfront regeneration projects across Scotland have the power to drive forward local economies and create much-needed jobs.
He said: ”The regeneration of these three waterfronts has the potential to generate significant economic activity and associated jobs.
”Much progress has been made already and, despite the challenging economic climate, we believe there is real potential to build on the success to date and deliver world-class projects that Scotland can be proud of.
”Sharing experiences with international colleagues through events such as Waterfront Expo can only help that process.”