Waterford is among five urban centres to receive up to €7 million each under THRIVE, the Town Centre First Heritage Revival Scheme, funded by Ireland's two European Regional Development Fund (ERDF) Regional Programmes.

Launched on 4 February 2022, the Town Centre First Policy is a major cross-government initiative designed to address vacancy, combat dereliction and revitalize town centres. It promotes a holistic, place-based approach to sustainable rural development, recognising the significant challenges and opportunities facing Irish towns that demand a coordinated and comprehensive response.

Waterford City and County Council was awarded €7 million under THRIVE Strand 2. This funding will be utilised to regenerate the largest early 18th Century townhouse, on one of the oldest streets in Waterford City’s Viking Triangle, "18 Lady Lane" which is currently vacant and derelict.

Following the Town Centre First approach and incorporating continuous citizen and stakeholder engagement through an iterative process, the design and purpose of 18 Lady Lane were collaboratively developed.

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The building will be transformed into Tir na nÓg – the Land of Young People, a visitor attraction that offers a magical journey celebrating the past, present and future of children. The renovation will preserve the building's original structure and decorative internal features to maintain its authenticity.

In line with the New European Bauhaus values and principles the renovated building will be aesthetically beautiful with the sensory experience incorporated into all aspects of the design and will be fully accessible and inclusive.

Michael Quinn, Director of Services with Waterford City and County Council said: "This funding will allow us to further Waterford City and County Council’s objective of returning prominent heritage buildings to use and enhancing the city centre."

According to the National Built Heritage Service, 18 Lady Lane is a house of national import and 'forms an important and integral component of the streetscape.'

Mr. Quinn added that the effect of the refurbishment of previously vacant and derelict buildings is transformative for a city that has a rich historical and cultural tapestry.

Under the Urban Regeneration and Development Fund (URDF), Waterford City and County Council is redeveloping the former Munster Express building on Merchant's Quay into a smart data hub, featuring a technological office space and an exhibition area.

Additionally, Parade Quay is being redeveloped to improve the local community by transforming mostly vacant buildings and under-used spaces. This mixed-use development will include 12 residential units, commercial spaces, offices and public areas.