Arlene Foster said the terms of the proposed development is the largest application ever dealt with by the Northern Ireland Planning Service.
The scheme will provide a total of approximately three million square feet of new floor space in the centre of Belfast.
Ms Foster added that it was a major boost for the city. She said: "I am particularly pleased that this major planning application, received at the turn of the year, was processed in such a timely and efficient manner. Extensive pre-application discussions took place between the applicant and the Planning Service to ensure that a good quality application which included the necessary environmental information was submitted.
In addition, throughout the processing of the application, continual contact between the applicant and my planners ensured that issues were dealt with as they arose. This demonstrates once again that when an applicant submits a high quality proposal, and works with the Planning Service, a positive result can be produced with dispatch.
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“This major proposal is a mixed-use development that will provide some 2000 residential units including affordable housing and an element of social housing. It will include a mix of employment, leisure and cultural tourism uses, with the latter centred on the Titanic Signature Project, the subject of a Lottery bid, which will showcase Belfast’s maritime and industrial heritage."
The development of the 16.5 hectare site, including the restoration of the Titanic and Olympic slipways, represents a further step in the development of Belfast.
Mike Smith, Chief Executive of Titanic Quarter, said: "We are delighted to receive planning permission for the next phase of development at Titanic Quarter. With construction of Phase One well underway we are very excited about getting started on Phase Two which incorporates the Titanic Signature Project, as well as additional residential, office, leisure and public realm space."
The Chairman of Belfast Harbour Commissioners, Len O'Hagan, said: "As co-promoters of Titanic Quarter, we very much welcome today's announcement. This is a key milestone in triggering the process of attracting foreign direct investment to Titanic Quarter. It clearly demonstrates that public and private sector co-operation can achieve significant results for the City and regional economy. This approval is a further step in securing lottery funding for the Titanic Signature Project."
A Concept Masterplan has been developed for Phase Two of Titanic Quarter that sets out the agreed development framework and will guide the detailed planning applications to follow.
(LC/SP)
