A consortium of Ronan Group Real Estate, Oaktree Capital Management, and Lioncor Developments has today finalised an agreement with the National Asset Management Agency (NAMA) that will see the creation of a new Dublin City Quarter at the Poolbeg peninsula.
The initiative will deliver up to 3,800 homes and will provide in excess of 1m sq. ft. of commercial space, as well as educational facilities, public open spaces, civic spaces and other community amenities. Planning permission for the first phase of 600 apartments will be sought within a number of weeks, with construction likely to commence at the beginning of next year.
Situated at the location of the former Irish Glass Bottle factory near Ringsend, the 37.2-acre site has long been seen as a unique opportunity to revitalise a former industrial area of the south inner city and provide much-needed housing in Dublin.
One quarter of the units delivered will be allocated to social and affordable homes, which represents one of the largest developments of social and affordable housing in recent decades, and will provide homes to locals and key workers who might otherwise be unable to enter the housing market, right in the heart of the city.
Each unit will be built to exceptional standards and at the cutting edge of sustainable construction practices. A strong mix of commercial and residential properties within the new suburb will allow many residents to work, live, shop, and socialise within their neighbourhood, cutting down commuting times, congestion, and carbon emissions.
Speaking about the development, Rory Williams, CEO of Ronan Group Real Estate, said: “This is the start of the next chapter of Poolbeg’s story. What is now a barren industrial plot will be reborn as a new community where families will find jobs, homes and a new, more enjoyable and sustainable, way of living. Everyone understands that we have to make the most of the limited land we have in Dublin, and this new suburb will do just that, delivering homes for well over 10,000 people at a time of huge demand for housing.”
John Maxwell, CEO of Lioncor Developments, added: “Dublin needs a bold vision for its future development and it must be more than just building houses and offices, with no sense of creating an identity for a place. We need to think about how communities work, and offer a sense of belonging, pride, security, and inspiration. The design of this new suburb will be about world-class placemaking, creating somewhere that people will be proud to call home.”
Brendan McDonagh, CEO of NAMA, which will retain a 20% stake in the development, said: “We are delighted to see this superbly located Dublin Bay site move into the first phase of its development lifecycle with an initial planning application for 600 residential units. NAMA is proud to be associated with progressing this key site which has overall capacity for 3,800 residential units. Furthermore, the 25 % allocated to social and affordable units will provide homes to those most in need, close to the heart of Dublin.”