A major construction project is set to transform the former Waterford Crystal manufacturing site into a key component of Ireland's first co-located university enterprise quarter.

The €130 million redevelopment, named 'Glassworks', will see the 37-acre site on Waterford's Cork Road redeveloped into a hub for advanced business and academic collaboration.

The scheme includes the construction of high-specification office buildings positioned adjacent to South East Technological University's (SETU) academic and research facilities. The integration of these modern enterprises with SETU is designed to stimulate regional economic growth, generate skilled employment and enhance innovation in the south east.

SETU President Professor Veronica Campbell has said that Glassworks' launch is a defining moment for the region and Ireland as a whole.

"Glassworks will play a pivotal role in Ireland's knowledge economy where students, start-ups and researchers can collaborate, test ideas and create the next generation of ground-breaking products, technologies and businesses," she said.

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A media briefing at the site on Tuesday (June 10) was told it is expected to eventually have capacity for up to 6,000 employees. Planning permission has also been granted for a 582-student bed development on adjacent lands.

The first commercial building is being developed with a €43m investment by a joint venture formed between the Ireland Strategic Investment Fund (ISIF) and Frisby, the Waterford-based developers.

"The crystal factory brought Waterford to the world and now Glassworks will bring the world to Waterford," said Frisby director, Noel Frisby Jnr.

"This is a place where research, creativity and business ambition can thrive, and where our regional economy will continue to grow."

'Building One', the initial 80,000 sq ft flagship office building, is expected to open by the end of the year. It will have capacity for 800 employees and will be Waterford's first purpose-built, BER A3 rated office building that meets LEED Gold and WiredScore Gold standards.

Over the coming years, there is potential for the development of further purpose-built buildings to accommodate businesses, researchers and students, all meeting the same stringent sustainability standards as Building One.

It is 16 years since crystal manufacturing ended at the Kilbarry site and the new development aims to take inspiration from successful international university enterprise quarters such as the University of Nottingham's Innovation Park and the Cortex innovation district in St Louis, Missouri.