THE Gibraltar Government has announced a major new development in the Harbour area with the creation of a £300 million reclamation project.
The Victoria Keys development, situated inside the harbour basin next to Coaling Island, aims to create up to 60,000 square metres of new land.
The project will be undertaken by entirely locally-based developers and will be made up of leisure, community, retail and commercial space.
Chief Minister Fabian Picardo said: “This deal represents yet another great vote of confidence in our tiger-like economy, and the timing could not be any better.
“It is with a huge sense of pride that we are able to announce yet another multi-million pound project at this important juncture.”
The government has also said the land will provide sustainable growth on the western side of the rock for the next 10 years.
A No.6 spokesperson said: “Together with the Coaling Island site, the Victoria Keys development will complement the natural growth of our modern city for decades to come.
“It will create significant recreational areas for the community and provide public access along new stretches of our harbour and marinas.”
It comes as continued request for commercial space has a knock on effect on demand for residential accommodation.
Picardo said: “A larger site would deliver the best future proofed project for our community.”