The derelict shipyard where the Titanic was built is to benefit from a £1 billion plan that will see it transformed into the largest waterfront development in Europe.
The docks, which were once the industrial hub of Belfast, are to be converted into a new maritime quarter with houses, businesses, leisure facilities and tourism developments.
The regeneration of the Titanic Quarter on Queen's Island is being led by the American architect Eric Kuhne, who has been responsible for similar developments all over the world including Darling Harbour in Sydney and Mid Valley Gardens in Kuala Lumpur.
Northern Ireland's largest-ever development will create 20,000 jobs over the next 15 years and represents an investment level that could not have been contemplated while the heart was being bombed out of Belfast during the Troubles.
One proposal being explored is building an illuminated wire frame recreating a life-size outline of the four-funnelled liner in the Thompson dock where she was fitted out.
The “Ghost Ship” proposal for Titanic Quarter
The developers hope that the replica will be finished by 2012 to commemorate the centenary of the Titanic's launch and the maiden voyage that saw the loss of 1,503 lives. A memorial to those who perished will be erected alongside 2,000 new homes and a waterfront promenade.
The development will also include an office development, exhibition galleries and a hotel.
A centrepiece building, three times the size of Belfast City Hall, will be based on the slipway where the Titanic and her sister ships were built.
Mike Smith, the chief executive of Titanic Quarter Ltd, said: "Titanic Quarter will become a major symbol of the economic regeneration of Belfast and Northern Ireland. At 185 acres and with a mile of water frontage, this development will bring new life to a part of the city that is rich in both history and potential."
Mr Kuhne said: "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."
About 30,000 workers were employed at the Harland and Wolff yard when the Titanic was being constructed. After years of falling demand, the company launched its 2,000th and final vessel in 2003 and since then has concentrated on ship repairs. Harland and Wolff's gigantic yellow cranes, named Samson and Goliath, have been given listed status and still dominate the Belfast skyline.
Peter Hain, the Northern Ireland Secretary, said: "The scale of the opportunity for employment, housing, investment and regeneration on this site is enormous."
Peter Hain, the Northern Ireland Secretary, and developer Pat Doherty on the Titanic Quarter slipways