Plans to transform the Titanic Quarter into Europe's largest waterfront development could mean up to 20,000 new jobs, it was announced today. The £1bn (€1.46bn) project in east Belfast will create 2,000 new homes as well as business, leisure and educational facilities.

Titanic Quarter will also feature parks, gardens and a promenade in a bid to fulfil the architect's vision of creating a vibrant new community.

Secretary of State Peter Hain said: "We now have the opportunity to build on this momentum to re-establish Belfast and Northern Ireland as a great place to visit, invest in and above all to live in.

"Investment in the site is expected to be around £1bn, with potential for some 20,000 jobs by 2020.

"Our shared vision is that the whole Titanic Quarter development will make a unique contribution to regenerate and revitalise this site and contribute to a more prosperous future for Northern Ireland."

US Architect Eric Kuhne outlined his vision for the project saying "In the past, this part of Belfast was a world leader in engineering and technological innovation.

"The new vision for Titanic Quarter creates that opportunity again through the building of a new community that restores the prestige of urban living in Belfast and establishes an environment for the new entrepreneurial class in the city to emerge.

Mr Kuhne said: "This will be no dormitory development. The pattern of parks, streets and gardens and the localised retail, healthcare, and educational facilities will be designed to build a community centred on genuine social interaction and shared values - a new focal point for Belfast."

He said tourists will be attracted to the area by the Titanic Experience, an attraction which will include a reconstruction of the ship's famous staircase and first class dining room.

Mr Kuhne's previous projects include Darling Harbour in Sydney and Mid Valley Gardens in Kuala Lumpur.