A new €400m development has been announced for Waterford city centre.

The development is planned for the site of the Ard Rí Hotel. It will feature a new hotel and more than 400,000sq.ft of retail, commercial, residential and cultural space.

Developers say the buildings will create 500 jobs during construction and provide over 3,000 jobs for Waterford city when they are completed.

It is the second major development proposal to be announced for Waterford in the past month.

Speaking at the launch of the project, City Quay developer Tom Coughlan said that Waterford offers the best potential in Ireland at the moment.

Minister for Arts, Sport and Tourism Martin Cullen said the planned development is a vote of confidence in Waterford and its people.