The new memorial, the first of its kind in Northern Ireland, is being launched by local support charity Life After.
Founder Christopher Sherrard said the event is open to all those who have lost loved ones on our roads.
The memorial ceremony will take place outside St Columb’s Park House at 3pm tomorrow Saturday, April 23.
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People are advised that refreshments will be served from 2pm to 3pm in advance of the official dedication ceremony.
Mr Sherrard said that this would be a place where relatives and friends of those whose lives were lost on our roads could come to remember them.
He added that since records began in 1934, around 15,000 people have lost their lives in road traffic tragedies across Northern Ireland.
Life After provides help and support to people who have lost loved ones as a result of a road traffic collision.
The organisation also works to raise awareness of the effects of road death on the bereaved.