The Secretary of State, Peter Hain MP, launched Phase One of the Titanic Quarter Development, one of the largest waterfront regeneration projects in Europe. Titanic Quarter is a 75 hectare (185 acre) brownfield site within the Belfast Harbour Estate, with significant development potential including an expanse of waterfront land.

The land is owned by Belfast Harbour Commissioners. The development rights were purchased by Harcourt Developments Ltd. Harcourts acquired Titanic Quarter Ltd (TQL) as part of the purchase, and is using it as a vehicle for the development of the site. The emerging development framework is based on a “city quarter” grid structure of streets and development blocks, of a similar scale to Belfast City Centre.

At the “Launch of an Icon” event, Peter Hain visited the old Harland and Wolff Headquarters Building and Drawing Office in Belfast's docklands which will form part of the 75 hectare Titanic Quarter Development.

He said: “The Titanic Quarter is a graphic reminder that the economic world does not stand still. However the scale of the opportunity for employment, housing, investment and regeneration on this site in East Belfast is enormous.

“There have already been major changes as a result of Government's powerful vision for the regeneration of the Greater Belfast area, through a decade of investment in Laganside, the flagship scheme underway at Victoria Square and the Public Realm strategy.

“We now have the opportunity to build on this momentum to re-establish Belfast and Northern Ireland as a great place to visit, invest in and above all to live in.

“Investment in the site is expected to be around £1 billion, with potential for some 20,000 jobs by 2020.Our shared vision is that the whole Titanic Quarter development will make a unique contribution to regenerate and revitalise this site and contribute to a more prosperous future for Northern Ireland.”

On the planned Signature Project, the Secretary of State commented: “It is entirely appropriate that a Signature Project on the theme of the Titanic ship should be the focal point for this new development. It is a unique opportunity to blend the best of the future with a recognition and acknowledgement of the best of the part. I welcome the intention of Titanic Quarter Ltd and the public sector to work together to deliver the Project in 2012, the centenary of the Titanic's maiden voyage.”  

The Titanic Quarter Development - Phase One includes plans for residential, office and mixed use development and a landmark headquarters office complex has been granted outline planning permission.