Belfast is making a compelling case to Westminster for a game-changing £250 million investment, aiming to spark a massive city-wide regeneration. This vital funding could transform our city, addressing long-standing issues and unlocking huge potential for everyone in Belfast, including our neighbours in North Belfast.
At the heart of this bid is the proposed 'City-Wide Regeneration Fund'. If secured, this fund would drive a wave of positive change through housing-led, mixed-use developments, breathing new life into neglected areas and tackling dereliction head-on. Imagine improved infrastructure, better connectivity, more inviting public spaces, and beautiful new green areas right across the city. This fund would also unblock major stalled projects, like those in the Cathedral and Northeast Quarter, the Waterside, Dunbar, and The Sixth areas, creating new opportunities and vibrancy.
Northern Ireland has unfortunately been lagging when it comes to regeneration funding, receiving nearly half the regional average compared to other parts of the UK. This 'regeneration deficit' has meant missed chances for economic growth and better social and environmental outcomes for our city. Other major UK cities have already received similar transformative funding, allowing them to push ahead with exciting development projects.
This ambitious plan isn't just about the city centre; its benefits are designed to ripple out across all of Belfast. It's all about equipping our city to drive growth for the whole of Northern Ireland and the wider UK. The proposition has been shaped by extensive conversations with various community groups, businesses, and organisations, reflecting a shared vision for our future. Key priorities include boosting city centre living, creating active and sustainable travel routes, developing green and climate-resilient public spaces, and unlocking those vital stalled projects.
Speaking about the initiative, Councillor Natasha Brennan, Chair of the Strategic Policy and Resources Committee, highlighted Belfast’s immense potential. "Belfast offers such a compelling investment opportunity – look at our incredible talent, and the strengths we're building through initiatives like the Belfast Region City Deal in areas like FinTech, life sciences, and creative industries," she said. "We have so many public and private projects ready to truly accelerate our city's growth, delivering significant economic, social, and environmental benefits."
Councillor Brennan also acknowledged the funding gap. "We have so much potential to unlock, but we’re currently falling behind other core cities in terms of available regeneration funding. This impacts our ability to compete globally and drive growth across our city and wider region. However, we are confident that with equivalent funding, we can achieve transformational growth that will benefit all our people and places."
Councillor Ian McLaughlin, Chair of the City Growth and Regeneration Committee, reinforced this confidence. "We know exactly what Belfast needs. We have the evidence, the experience, and we’ve laid the groundwork for success through a decade of engaging with our communities and stakeholders, developing the Belfast Agenda and our city centre regeneration strategy," he stated. "Investing in Belfast through this transformative City-Wide Regeneration Fund isn't just good for the city; it makes sound business sense and will deliver long-lasting returns for Northern Ireland and the UK. We are uniquely positioned and truly ready for growth."
This significant push represents a hopeful step towards a brighter, more connected, and thriving Belfast for everyone.