The Braidwater Group's plans will see more than than 3,000 new social and private homes built on a 250-acre site between the Whitehouse Road and Benview Estate in Coshquin, as well as a new "urban village", in a project to be known as 'The Cashel'.
At the centre of the scheme is a high street and a park to provide a hub for the new residents, with community buildings, schools and retail outlets also included.
The site is nearby to the proposed 'North-West Greenway' project, linking Derry and Buncrana, and The Cashel will incorporate cycle routes into the plans to provide a safe space for cyclists.Phase one of the project will see an initial investment of more than £100m, delivering a mix of 800 social and private houses, with infrastructure to be put in place for the wider side.
A consultation process for the urban village will begin in the coming weeks, with plans to be submitted to Derry City and Strabane District Council before the end of 2020.
Vincent Bradley, development director of The Braidwater Group, said The Cashel will be the largest housing development to be built in Northern Ireland in the last 10 years and have a "significant economic impact" on North West region.
"The fact that this will represent an extension to our home city of Derry and that it will address an area of high housing demand makes us even more ambitious to deliver it," he said.
“As with all of our projects, we are bringing forward plans which encourage people who live on the site to live well, with all aspects of lifestyle catered for in a high quality and well thought out way.
"The development will be a new, well connected community, and we will be making a contribution of £1.5m to build in public transport linkages. We will also be contributing over £7m into the wider roads network and realigning the Coshquin and Whitehouse Road in a sensitive way.
"This year has been extremely challenging for the construction sector, and it is important that we continue to drive momentum with key projects in the pipeline, such as The Cashel. At this time, it is crucial to try and keep the economy moving forward."
Brian Tierney, Mayor of Derry City and Strabane, said: "As a council, we set out very clearly in our Strategic Growth Plan and our draft Local Development Plan, how we will be proactively encouraging private investment and growth across our region.
"The council recognises the need for quality mixed-use housing with supporting community facilities within the district and the need for significant investment to make the Derry City and Strabane District Council area an attractive place to live, work and study.”
Credit: Belfast Telegraph