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"Work has finally started to transform a prominent site on Dundee's waterfront that has lain derelict for 13 years.
Local firm H&H Properties will build 202 flats on Riverside Drive, where the Homebase DIY store used to stand.
The announcement has been welcomed by the city council.
Mike Galloway, director of city development, said: ''Although it is now some years since this development was granted planning permission, the consent is still valid and it is heartening that the current owner has been able to commence construction works during these difficult economic times.
''The site lies within the wider waterfront project and, along with the Malmaison development, it is an indication of the uplifting effect that the waterfront project and the V&A at Dundee are having on investment decisions in the city.''
H&H's design manager Stephen Forbes said: ''The £40 million housing development incorporates a mixture of one, two and three-bedroomed flats and maisonettes provided within five luxurious blocks which range in height from seven to 10 storeys and will run parallel to the River Tay.
''Each of the apartments will provide the highest standards of accommodation and finish and will incorporate one or more south-facing balconies. The company are currently in discussion with various high-end suppliers and manufacturers and intend to use top-quality finishes, including underfloor heating, throughout.''
The site will also have a digital video gated entry system that reads the number plates of residents' cars.
''H&H Properties has worked closely with several departments within Dundee City Council, members of our design team and, importantly, local Scottish companies to facilitate bringing this project to site and sees the commencement of the development, in proximity to Discovery Point, as pioneering in the regeneration of Dundee's waterfront,'' Mr Forbes added.
The company has been a leading developer in Dundee for 30 years, creating several hundred houses and flats. Its projects have included building 163 homes on the former royal infirmary site. It is currently carrying out a 77-home project at Milton Mill in Monifieth and has design work under way for the redevelopment of the old Armistead House site in Broughty Ferry.
The start of construction at Riverside brings to an end a troubled history for the site, which passed through the hands of several potential developers after the store closed in 1999 and became a target for vandals and graffiti sprayers as the years passed without a brick being laid.
In 2007 the 2.7-acre site was bought by Duncarse Ltd, but the firm went into liquidation the following year. By then around 25 prospective buyers had put down £6,000 deposits and feared they would receive nothing in return.
However, Hassan Al-Saffar, managing director of H&H Properties, has now promised to honour their reservations."