Dermot Desmond

A Dermot Desmond-backed development project in Belfast is being reviewed because of the global economic downturn.

Chief executive Mike Smith of Titanic Quarter, the development company behind the scheme, told Bloomberg last week that the construction of the second phase depends on the company securing planning permission and tenants. Citigroup has already been secured as the main tenant for the first phase of the scheme.

"Discussions are well advanced with two major financial-services companies, but we can't develop too far ahead of demand," he said. "No one could have imagined it even six months ago, the way the market has turned."

Titanic Quarter is being developed by Harcourt Developments, the property company owned by Pat Doherty that also developed Park West in Dublin, and Desmond. The Port of Belfast is also promoting the development. Accounts for Titanic Quarter Limited show that it had shareholders' funds of more than £2.5m at the end of 2007, compared to a deficit of more than £19.6m the previous year. The value of its stocks grew substantially from £32.5m to £61m in 2007.

The 185-acre site redevelopment includes plans for apartments, offices, hotels and restaurants.