Transforming the Tayside economy
Work on the largest and most complex phase of the transformation of Dundee's central waterfront will begin in the next few weeks.
The £70 million partnership project aims to transform the Tayside economy by creating a major new central business district which will secure existing and attract new high value service sector jobs. This high quality business district will also help to transform the image and perception of the city, making it easier to attract and keep the highly skilled people required to grow the life sciences, games, financial services sectors and universities in the region.
The project is expected to create at least 1,000 jobs over 10 years, generate more than £500 million GVA for Scotland’s economy and generate an additional £270 million of private sector investment in the project.
Visiting the Dundee Waterfront site today to make the announcement, John Swinney, Cabinet Secretary for Finance and Sustainable Growth, said: “The Dundee Waterfront Project is an important signal of a bright future for the city, the region and for Scotland.
“The project will generate work, create jobs and keep the local economy moving – crucial in the current economic climate. It will play a crucial part in the Scottish Government’s economic recovery programme – designed to help businesses and households through the current difficulties.
“And it will deliver a lasting legacy for future generations, supporting our long term aim of making Scotland a more successful country through increased sustainable economic growth.”
Jim McFarlane, Managing Director Operations of Scottish Enterprise, added: “This project offers the opportunity to accelerate the restructuring of the Tayside economy. Creating a high quality business district at the Waterfront will help support the growth of indigenous business and attract new inward investors to the city.
“In the current economic climate this investment is a statement of confidence in the opportunities in this region and will help to boost its existing world class strengths in industries such as financial services, life sciences and digital media.
“The overall effect of the Dundee Waterfront project will be to reinvent Dundee as an ideal destination to live, work, visit and invest in, allowing the city to attract and retain a highly skilled workforce which is essential to the region’s company base and universities.”
Leader of Dundee City Council Kevin Keenan said: "The next phase has taken a considerable amount of work behind the scenes to get funding in place from Scottish Enterprise and the Scottish Government, the approval of the Tay Road Bridge Joint Board for key elements of the plan and coordination for the trunk roads network from BEAR Scotland.
"Some of the activity that has been done up to now on the waterfront itself has also been largely invisible to the public, particularly the strengthening of the Dock Street rail tunnel, but with this third phase of work now ready that will all change, and the immense transformation we have planned and discussed for so long will soon start to become more obvious."
Scottish Enterprise’s £33 million package of funding will allow work to start on the next phase of development, including a massive storm water tank, the new northern boulevard and demolishing and re-building exit and access ramps at the Tay Road Bridge.
The first work at the Tay Road Bridge itself is scheduled to start in early 2010 and include the bridge ramps, service diversions and the construction of the proposed northern boulevard. This part of the project will take more than four years, with completion expected early in 2014.