The project is being supported with a major grant from her department.
Minister Ritchie said: "This vital project will have a very positive social and economic impact in the area. It will provide accommodation for small business to set up in the area and it is expected that it will create up to twenty jobs.
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"I am pleased that by working with Riverside Community Enterprises, the local community, and the other funders, my Department has been able to make this project happen.
"It provides the clearest possible demonstration of the real benefits that our support for communities like this can deliver," she added.
(PR/JM)
