Eglinton Street Tower, Cork

[Leesider]

first residents are supposed to be moving in around March according to Sheery Fitz in the Weekend Examiner!

[malec]

Aren't there people already living there? There are about 2 or 3 sets of lights on at the one time.

[Leesider]

Yeah seen that as well, but as someone said this could just be done to give a good impression!

Prefer the lighting that they have on it tonight, looks a lot better than the red or blue etc

[browser]

I read on another forum that ACC also provided the funding for the building to start with.

Think that is right having researched it.

[opus]

Noticed the Elysian flats have appeared on Daft to rent:

1-bed
3-bed

[corkdood]

It should be renamed O'Flynns Folly!

[who_me]

I have to say, some of the shots there (and on The Elysian site) are pretty sweet.

If it weren't for the (presumably, crazy) maintenance fees and the fact I just bought a year or so again, I'd definitely be interested.

[Leesider]

was talking to a polish lad who worked on it and he was saying that the communal garden is wasy too small for 250 apartments so not a suitable place for families. Said they are nicely finished though.

Also said 40 deposits were put down but only 20 went ahead, the remainder fell through mainly due to problems securing mortgages

[Pug]

only 190 remaining then, quick, while theres a few left!!

[corkblow-in]

Bit Harsh lads - they took a shot and they're taking a hit.

Actually got into a lot of them through a pal who shall remain nameless and I have to say that some of the apartments and the features are fantastic. First scheme I have been in that would make me consider moving into the city. As for the garden....it isn't meant to be a football pitch....surely the bigger problem there is the lack of parks in the city. Although that one by Albert Road isn't too far away.

Good scheme....bad timing.

[Pug]

ah sure its only a bit of merriment, I'm sure Michael O' Flynns millions will comfort his recessional pain. The Elysian is really nice, I saw them myself, still think they are pricey and this business of paying a high price for the apartment, then probably some fit out, then car space costs, probably another car space cost and management fess, just think its stretching it a bit

They are really nice inside though except the 1 beds I found very small, credit to the man for having the guts and vision

[somenewnews]

Check out the Elysian build movie on youtube

http://www.youtube.com/watch?v=oXKdehfccyA

[rofbp]

i heard a rumour at the weekend from a friend, who had links to the builders of the tower, but i was wondering if there was any truth to it:

he said that there were only a few apartments occupied, and that building management fees were costing a fortune (security, public area lighting etc), so the building owners were offering to buy out existing apartment owners so they could turn the whole building into a hotel.

any truth to it?

[Leesider]

i heard a rumour at the weekend from a friend, who had links to the builders of the tower, but i was wondering if there was any truth to it:

he said that there were only a few apartments occupied, and that building management fees were costing a fortune (security, public area lighting etc), so the building owners were offering to buy out existing apartment owners so they could turn the whole building into a hotel.

any truth to it?

wouldn't be one bit suprised, there were around 20 apartments rented out in there but they were spread all over the place. Sensible thing in my opinion would be to rent out 1 or 2 blocks and then turn the remainder into a hotel.

[Pug]

it wouldnt surprise me but wouldnt that involve O' Flynns spending an awful lot of money revamping the insides of the tower? Unless they market it as a luxury aparthotel or something. Would be very unlikely to happen i would have thought. Why not just drop the prices and sell the whole thing off?

[jungle]

There is a gap in the market in Cork for a proper aparthotel complex. But the fit-out inside the Elysian is way above what you get in the standard aparthotel. They'd have to charge ridiculously high amounts and would probably end up pricing themselves out of any potential market.

[Pug]

not all the apartments are fitted out if i recall correctly from the nice man in DTZ who gave me a tour, so that might mean it wouldnt cost O' Flynns much to sort it out into an aparthotel, it would be very high class though, presumably that would just be the tower part that they would offer as an aparthotel though? Imagine what they would charge for the one with the Porsche kitchen!

[rofbp]

it wouldnt surprise me but wouldnt that involve O' Flynns spending an awful lot of money revamping the insides of the tower? Unless they market it as a luxury aparthotel or something. Would be very unlikely to happen i would have thought. Why not just drop the prices and sell the whole thing off?

thats what i thought when i heard it initially, haven't heard any further details since. thanks for feedback

[rofbp]

From the City Development Plan 2009-2015:
http://www.corkcity.ie/media/Volume%201%20-%20Written%20Statement_opt.pdf
page 160

"Policy 13.15 City Centre Tourism
The City Council will continue to support and develop the city centre's tourist economy and work closely with tourism
agencies to develop strategies that build on the City's tourist appeal.
13.41 To develop the City Centre's range of hotels the City Council will support the upgrade of the
existing hotel accommodation base where appropriate and encourage the development of medium to large
hotels outside of the fine grain of the historic core in accessible and attractive locations close to the City
Centre. In order to provide a level of direction to the market, the City Council has identified potential
locations where hotel applications would be favourably considered. These provide the opportunity to
combine waterfront locations, mixed use developments, and active frontages at ground floor level as well as
expanding the quality hotel base in the City Centre:
�� Albert Quay / Eglinton Street block.
�� Sullivan's Quay
�� Copley Street/South Terrace"

would fit with the theory, but isn't proof one way or the other

[Pug]

Elysian as an aparthotel might not be so far fetched after all

http://www.irishtimes.com/newspaper/property/2009/0709/1224250305547.html