Regent's Gate will be created by property developers The Richland Group and changed into 58 stylish one and two bedroom apartments, and two cafés on the ground floor.Construction of the new development is expected to begin in January 2015 and finish in the summer of 2016.It is estimated that the project will provide up to 200 construction jobs. When the complex is up and running, a further 20 long term commercial jobs will be created.A free bicycle or one year travel pass will come with each apartment, and in the basement of the apartment block, there is a special storage area for bicycles.According to an independent report carried out by Cogent Management Consulting, the Regent's Gate project will initially inject over £4.4m into the economy via the construction phase with a further £266,000 per annum from the commercial activities.Richland Group Chief Executive Gary McCausland said that the project represents a significant step forward in the continuing regeneration of Belfast city centre."The Dublin Road scheme is a ground-breaking project for Belfast, based on a Tokyo / London concept that provides high quality, affordable, contemporary accommodation in strong and up and coming locations."As one of the first major privately funded construction projects in the city since the recession, it signals that Belfast is once again open for business and will see the regeneration of a rundown part of the Dublin Road with an iconic building providing quality accommodation and commercial space for people to live in, work in and enjoy."This scheme adds huge value to the Dublin Road and indeed Belfast as a whole. It's a win win scenario," he added.