Queen's Quay
The 3.5 acre Queens Quay area was to be developed at a cost of £90m (2006) by the Sheridan Group. Proposals for the site by Broadway Malyan and Robinson McIlwaine Architects included a 91m high, 30 storey tower that would surpass the Obel located directly across the Lagan in height. Work was scheduled to begin in early 2007. The project was to be constructed in three phases:
1. Six to eight floor blocks along the main waterfront that will be residential, retail and leisure.
2. A 25 floor residential tower standing over a lower-rise podium.
3. Develop the part of the site that is further back from the river for office use.
Phase one was to be completed in 2008 but construction never got underway as in December 2006 Sheridan lost the rights to develop the area and DSD began the process of re-opening the competition for the rights to develop the area again. An investigation by DSD decided that the Sheridan Group did not have the ability to carry out the development. The following is an extract from the press statement footnotes:
Following due diligence the Department and Laganside have concluded that they cannot properly form an opinion on Sheridan Millennium’s ability to deliver the project and so cannot proceed to enter into a development agreement with Sheridan Millennium. As a result the current competition initiated in January 2005 through which Sheridan Millennium was identified as preferred developer has been terminated by Laganside.
In January 2008 Peter Curistan, who operates the Sheridan Group, took legal action against DSD. It was claimed the department dropped the company as preferred developer after allegations Mr Curistan was linked to IRA dirty money.
Whilst Mr Curistan argues his company was dropped due to unfounded allegations of IRA money-laundering, the government says it was because his firm failed a due diligence test. However, on 28th January 2008 the High Court in Belfast found in favour of the government. Mr Justice Gillen said Mr Curistan had allowed his extreme annoyance at the unfounded money laundering allegations and his annoyance at losing preferred developer status to blind him to his company's deficiencies, which were the real reason it had lost its status.
A spokesperson for the DSD commented…
… “this decision means that the Department can now move forward developing this important Laganside site and we will make an announcement on the next steps in the near future."
1. Six to eight floor blocks along the main waterfront that will be residential, retail and leisure.
2. A 25 floor residential tower standing over a lower-rise podium.
3. Develop the part of the site that is further back from the river for office use.
Phase one was to be completed in 2008 but construction never got underway as in December 2006 Sheridan lost the rights to develop the area and DSD began the process of re-opening the competition for the rights to develop the area again. An investigation by DSD decided that the Sheridan Group did not have the ability to carry out the development. The following is an extract from the press statement footnotes:
Following due diligence the Department and Laganside have concluded that they cannot properly form an opinion on Sheridan Millennium’s ability to deliver the project and so cannot proceed to enter into a development agreement with Sheridan Millennium. As a result the current competition initiated in January 2005 through which Sheridan Millennium was identified as preferred developer has been terminated by Laganside.
In January 2008 Peter Curistan, who operates the Sheridan Group, took legal action against DSD. It was claimed the department dropped the company as preferred developer after allegations Mr Curistan was linked to IRA dirty money.
Whilst Mr Curistan argues his company was dropped due to unfounded allegations of IRA money-laundering, the government says it was because his firm failed a due diligence test. However, on 28th January 2008 the High Court in Belfast found in favour of the government. Mr Justice Gillen said Mr Curistan had allowed his extreme annoyance at the unfounded money laundering allegations and his annoyance at losing preferred developer status to blind him to his company's deficiencies, which were the real reason it had lost its status.
A spokesperson for the DSD commented…
… “this decision means that the Department can now move forward developing this important Laganside site and we will make an announcement on the next steps in the near future."
