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The Minister said: "These improvements will be a boost for Strabane town centre making it more appealing to tourists, residents and businesses alike.
"This project is an example of how my Department is working with the private sector and others in Strabane to reverse urban decline and promote economic renewal.
"By transforming a site which has been derelict for many years we are promoting job creation and investment in the town centre.
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"The provision of these new facilities will benefit local people while the physical renewal of a prominent site will further enhance the regeneration of Strabane."
The development brought forward by Grandon Properties will, on completion, create 556 square metres of retail and living space.
It will also provide up to 15 full and part-time jobs.
William Mealiff, Director of Grandon Properties, welcomed the funding announcement, he said: "This project means that an area of Strabane's Lower Main Street which had lain derelict for many years is now being completely renewed.
"The new development will add to the rejuvenation of Strabane and will also help to attract people into the centre of town with new businesses and enhanced employment opportunities.
"It can only be a plus for Strabane and its town centre with the creation of opportunity and a general feeling that Strabane is really changing for the better and can be seen to be changing.
" Work has already commenced and, as the project is being phased, the first tenant is expected to be in the building by early September 2008. Final completion is scheduled for late autumn 2008," added Mr Mealiff.
(PR/JM)
