Construction BUSINESS

EIB Backs Re-development of Limerick and Confirms New Irish Urban Investment Plans

 Breaking News
  • U+I and Colony Capital Granted Planning For Carrisbrook House Redevelopment in Dublin A joint venture of U+I and investment vehicles managed by Colony Capital, has secured consent from An Bord Pleanála to radically transform and extend the landmark Carrisbrook House office building in Dublin 4. Carrisbrook House, an eight-storey building originally built in 1969 on the corner of Pembroke Road and Lansdowne Road, is to be completely [...]...
  • The Digital Hub Selects Architect and Project Management Firms to Support its Development The Digital Hub, Ireland’s largest and most established cluster of technology, digital media and internet companies, has announced the appointment of Scott Tallon Walker Architects and KSN Project Management to support the development of The Digital Hub. Following an EU-wide tendering process, Scott Tallon Walker Architects has been selected as the Design Team and KSN [...]...
  • NSAI Publishes Protocol to Assess Homes Suspected of Being Affected by Mica or Pyrite The National Standards Authority of Ireland (NSAI) has published a standard protocol called I.S. 465. This protocol will be used by engineers, geologists and laboratories to assess, test and categorise the damage in properties negatively affected by defective concrete blocks, due to excessive free muscovite mica and pyrite. It will also give guidance on remedial [...]...
  • New Guidelines on Urban Development and Building Heights For Local Authorities Eoghan Murphy, TD, Minister for Housing, Planning and Local Government has issued Urban Development and Building Heights Guidelines for Planning Authorities under Section 28 of the Planning and Development Act (2000), as amended. These Guidelines set out new and updated national planning policy on building heights in relation to urban areas, elaborating on the strategic [...]...
  • 2018 Sisk Supply Chain Awards Winners John Sisk & Son, Ireland’s leading provider of construction services with extensive operations across Ireland, the United Kingdom and mainland Europe, has announced the winners of its Supply Chain Awards for 2018. Sisk spent a total of €1 billion with its supply chain in 2018 while the construction business also confirmed it has a total [...]...

EIB Backs Re-development of Limerick and Confirms New Irish Urban Investment Plans

EIB Backs Re-development of Limerick and Confirms New Irish Urban Investment Plans
November 23
09:40 2017

Limerick’s economic resurgence has taken another giant step forward as the European Investment Bank (EIB) confirmed a record commitment for an urban Ireland investment programme for the city. EIB will commit to €85million in lending to Limerick City and County Council to be spent on transforming the 1.62 hectare Opera Site in the city centre into one of the country’s top urban centre commercial/office development, with the capacity for 3,000 jobs.

This is the first EIB finance is to be made available for a local authority programme in Ireland since 1993. The EIB finance contract for the 25 year loan is the EIB’s largest ever urban investment in Ireland.

Andrew McDowell, Vice President of the European Investment Bank, said: “The European Investment Bank is pleased to support this impressive and ambitious investment that with transform the city of Limerick over the coming years. This will create thousands of new jobs, renovate vacant buildings to provides much needed office space and regenerate historic buildings in Ireland’s third city, as well as reducing energy bills for public buildings. As the bank of the European Union the EIB has a unique track record supporting sustainable urban development across Europe and improving the quality of life and economic opportunities in cities around the world. Following this record new support for urban investment in Ireland we expect to announce cooperation with further local authorities in the coming months.”

The Opera Site will be the largest single project in the Limerick Twenty Thirty programme, a programme launched last year with the establishment of the special purpose vehicle with the aim of delivering over €500 million worth of transformational infrastructure across key strategic sites in Limerick. The programme is already progressing at pace, with the 80,000 sq. ft LEED Gold ‘Gardens International’’ office accommodation project in the heart of the city set for completion late next year.

Mayor of Limerick City and County Councillor Stephen Keary, said: “Limerick has come a huge distance over the past five years or so but this funding is going to make sure we can continue this remarkable journey which has seen the city become Ireland’s greatest urban success story of the decade. The city is transforming at a rate faster than any of us could have anticipated but thanks to this EIB funding, it’s not just a momentary investment; our growth is going to be sustained.”

Limerick City and County Council Chief Executive Conn Murray commented: “This is another day that benchmarks the new Limerick that is emerging, one that is breaking new ground at a national level time and time again and this record funding from the EIB is the latest evidence of that.  This commitment by the bank is a statement of the confidence and sense of ambition that Limerick has today.  It also very much validates the step we took to create Limerick Twenty Thirty, the first local authority special purpose vehicle of its kind in Ireland.”

Pictured (left to right): Andrew McDowell, Vice President of the European Investment Bank; Mayor of the City and County of Limerick, Cllr Stephen Keary; and Conn Murray, Chief Executive of Limerick City and Country Council.

The 1.62 hectare (four acre) Opera Site was acquired by Limerick City and County Council in 2011, after a planned redevelopment under private ownership failed to materialise.  Limerick Twenty Thirty will also develop the eight acre Cleeves site on the northern bank of the River Shannon and has commenced master-planning, which will be followed by the planning process, for the 200 acre Mungret College residential site on the outskirts of the city, which will have the capacity for up to 850 units.

Limerick Twenty Thirty Chairman Denis Brosnan remarked: “The EIB commitment will ensure that the rapid progress already achieved by Limerick Twenty Thirty, just 14 months into its existence, is merely the start. This is a long-term project that is going to transform Limerick into one of Europe’s fastest growing cities and one capable of competing for inward investment on an international scale.  The funding will be specifically available for the Opera Site project, which will be a landmark project not just on a local but national scale.”

The European Investment Bank has provided more than EUR 100 billion for urban investment over the last 5 years. This includes support for new urban development, sustainable transport and social housing as well as improving water, energy, health and education infrastructure in cities across Europe and around the world. The EIB has unique technical experience that can be shared to strengthen first time projects gained from engagement in more than 150 cities across Europe and around the world.

 

About Author

admin

admin

Related Articles


Constrcution Summit

PROMO – Construction Summit 2016 – Sustaining the Momentum

Lean Construction Ireland – Enhancing Ireland’s Competitive Advantage

The Magazine – Construction Business

The Magazine – Construction Summit 2016

The Magazine – Construction Summit

Upcoming Events

  • No upcoming events
AEC v1.0.4

New Subscriber





Subscribe Here



Advertisements