Re: Re: well what about the developments popping up in the shannonside ?
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â‚¬1.5bn development planned for Limerick site on banks of Shannon
Plans to transform a wetland area in Limerick city along the banks of the Shannon with a â‚¬1.5 billion riverfront development are progressing swiftly, according to the consortium behind the project.
Promoters of the development confirmed that Limerick City Council had welcomed the project “in principle” and that other statutory bodies would now be consulted to move it to the next stage.
The project, which is being promoted by the Riverdeep Consortium, would mark the biggest development ever carried out in Limerick.
If it goes ahead it would also become the biggest infrastructural development on the river Shannon since the construction of the Ardnacrusha power station in the 1920s.
It is proposed that the massive development would be built on a narrow 50-acre site which stretches nearly a mile along the banks of the Shannon in Limerick city. Up to half of this wetland area, which is subject to flooding, would have to be reclaimed from the river with the construction of a massive dyke.
Five piers would be built in separate units, linked by a boardwalk, with each unit featuring 12-storey high pods housing apartments, a hotel, offices, a shopping complex and a gymnasium.
One of the biggest obstacles facing Riverdeep will be the preservation of a designated conservation area adjoining the site. However, it is understood the developers are proposing to set aside a significant budget to protect the area during construction.
Engineer Ned Sheedy, who is fronting the Riverdeep consortium, said the project was very much in keeping with the city council’s stated aim of promoting Limerick as a riverside city.
“There are a few hurdles to be negotiated, but this will bring life back into the city,” he said.
The other members of the consortium have not been publicly identified, but it is understood it also includes local auctioneers and solicitors.
It has not been revealed how the consortium aims to finance the development which property sources estimate could cost â‚¬500 million to build, with a finished value of up to â‚¬1.5 billion.
“At this point in time we can’t disclose details of the financial operation, but financing this operation will not be a difficulty,” Mr Sheedy said.
Following their meeting with council officials, the consortium must now open negotiations with the Office of Public Works, the Department of the Marine, the Department of the Environment and the EU.
The council currently owns some of the land in the proposed site, while the title of the mud flats along the riverfront is currently unclear.
Councillor Jim Long, who was approached by the developers for advice, said he would back the ambitious project as long as the consortium fulfilled all its statutory obligations.
The Riverdeep consortium said that construction work could start within 18 months.
Â© The Irish Times
I hope this project works out for the best. Cities need high density near the center but of course to a high standard while not being elitest,
The fact that things are progressing quickly is great news!!