Northern Ireland tourism minister Arlene Foster has welcomed the "good progress" being made on the new £97m visitor attraction, which will be located in the centre of Belfast's Titanic Quarter.

The Titanic Signature Building, which was designed by a team of international firms, including Eric Kuhn Associates, RFR and Event Communications, will tell the story of the city's association with the ill-fated luxury liner. Located at the head of the former Titanic Slipways, the attraction will boast the new Titanic Experience - an interactive exhibition dedicated to the ship's origin, launch and voyage, as well as boasting a 50m (164ft) model of the ship in its construction phase.

A "Flying Theatre" using cinematic projection to transport visitors over Belfast and Northern Ireland, a large community arts facility and a Titanic-themed banqueting suite are also planned, as well as a café, a restaurant and a shop. In addition to the new landmark attraction, which is due to be completed in 2012, it is expected that the development will incorporate the heritage of the wider Titanic Quarter site, including the former Harland and Wolff shipbuilders headquarters.

Titanic Quarter Limited (TQL) and Belfast Harbour Commissioners have provided £53.5m towards the construction of the Titanic Signature Building, as well as £10m from Belfast City Council and £43.5m from the Northern Ireland Tourist Board (NITB) and the Department of Enterprise, Trade and Investment (DETI). Work on the attraction, which will be owned and operated by independent charitable trust, the Titanic Foundation, is expected to be completed in 2012.

Tourism minister Arlene Foster said: "Good progress is being made to create a truly world class tourist attraction for Northern Ireland. We have a proud industrial and maritime heritage, and only Belfast can tell the complete story of the world famous RMS Titanic. "The social and economic benefits will also be very significant. We estimate that the Titanic Signature Building will attract around 400,000 visitors annually, of which between 130,000 and 165,000 will be from outside Northern Ireland."

TQL chief executive officer Mike Smith added: "Progress on the Signature Project will enable us to develop related plans for hotels, retail units and additional leisure space, including the development of Slipway Park - one of the largest public spaces to be created in Belfast in the past 50 years." Image: Titanic Quarter Ltd