Belfast's mammoth regeneration of the Titantic Quarter is progressing well, the government has said.

The centrepiece of the scheme is the £97million Titanic Signature building.

Tipping five storeys, the building will contain a range of exhibition galleries telling the story of Titanic, and the wider story of Northern Ireland’s industrial, shipbuilding and maritime history.

Economy Minister Arlene Foster said the development is providing an important boost for the construction industry.

The Titanic Foundation, established to deliver the project, will own and operate the attraction when it opens in 2012.

Its chairman, Jonathan Hegan, said the landmark building will also include banqueting, retail and restaurant facilities, conference suites, a community resource and a unique 'Flying Theatre'.

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Northern Ireland Tourist Board chairman Howard Hastings said: "We have already seen success with the wider Titanic Signature Project with the refurbishment of Titanic’s Dock & Pump-House, and continued work to bring SS Nomadic and Lagan Legacy to life.

"Authentic elements like the drawing offices and the slipways, will also combine with this new iconic building to transform the Titanic Quarter in to destination truly unique visitor experience."

Mike Smith, Chief Executive Officer of Titanic Quarter Ltd, said progress on the Signature Project will help push forward plans for hotels, retail units and additional leisure space, including the development of Slipway Park – one of the largest public spaces to be created in Belfast in the past 50 years.

Last month, the Northern Ireland Executive committed £43.5m towards the Titanic Signature Project.

Titanic Quarter Limited, the private sector partner in the project, authorised work to begin on site some time ago, at its own risk.

This has ensured that the building remains on course for completion by April 2012.

The remaining £53.5m required for the project, will come from Titanic Quarter Limited, Belfast Harbour Commissioners and Belfast City Council.

(PR/BMcC)