Waterfront money: 'This seems a wise and sound investment'

AFTER what must be perceived as a series of false dawns it is heartening to see that a number of parties are beginning to get to grips with the development opportunities that exist on the Waterfront.

Today the council unveils its 84 million blueprint for the regeneration of the area which hopefully will prove the catalyst for a further 150m of new investment with the potential to create more than 7,000 jobs.

It is understandable, bearing in mind the state of the economy over the past few years, that progress on the Waterfront has been slow. A lack of confidence combined with the inability to borrow money in many cases has seen development of all types stall.

But the council, although under severe monetary pressures, is not as hamstrung as others. It has the ability to borrow at more favourable rates and use future business rates income as security.

At a time when there is a need to kickstart the city's economy this seems a wise and sound investment.

Of course as we come out of recession they are not the only ones looking at future development opportunities by the Forth. Leith is already in line for a further welcome jobs boost after it was placed at the heart of Scotland's plans for off-shore wind turbines. A Scottish Enterprise blueprint has identified the port as the best site in the country for manufacturing and constructing the turbines and work could be underway by 2015.

At the same time a joint venture between Forth Ports and Scottish & Southern Energy could see a massive grain silo near Ocean Terminal turned into a biomass plant which would convert wood chip and other natural materials into energy.

But the future development prospects of the Waterfront go hand in hand with the need to improve the city's transport infrastructure and trams will play a vital part in moving around the vast number of workers and future residents of new housing developments.

Should all these planned developments come to fruition, and housebuilding commence again, it can only strengthen the case for ensuring that the city's tram scheme be delivered in full and would considerably bolster the business case for a future Granton spur line based on a higher level of passenger income.

The entire Waterfront is an area which has a pivotal part to play in the future economic development and prosperity of the city and it is to be hoped that all concerned grasp the opportunities it presents with both hands.