John Deasy (Waterford, Fine Gael) | Oireachtas source

I have a question that may be appropriate to ask of the chairman of NAMA. It probably is fair to state that Waterford's city centre has suffered a great deal over the past five years with the departure of businesses. My understanding is that NAMA is examining its assets around the country to ascertain how they can be rejuvenated and turned into viable options. Included among the sites is the Michael Street site in Waterford city, which I am told could be developed by the original promoters with approval from NAMA. I understand, and it has been stated in public, that there have been talks about developing the site, possibly with the original developers. As I understand it, there was a two year planning process, which ended in late 2008 with approval being given by An Bord Pleanála. The Waterford local authority implementation group report published this month mentioned the Michael Street site a couple of times. It spoke of the site's importance, and in its recommended high level intervention section, it stressed that the local authority, in conjunction with NAMA and other stakeholders, should progress further in the development of an appropriate retail centre in Michael Street, Waterford. It is a block, formed by New Street, Michael Street, Alexander Street and Stephen Street, in a central location in a city that really has been devastated in the retail sector in particular. What kind of developments have taken place with the local authority and the developer in question?