Stephen Farry said: "I welcome the granting of planning approval of the new University of Ulster development at York Street. This will allow the university to move forward with its plans to create an excellent environment for students and staff alike.
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"It is great news, too, for Belfast. The economic potential for the area is enormous not just with the jobs associated with the building phase, but with the spending power of the huge number of people visiting the campus on a daily basis and the opportunity for local businesses to serve the needs of the university."
The Department for Employment and Learning has contributed £16 million towards the new campus.
(CD)
