lexington

€20bn transport plan to be brought before Cabinet

The Department of Transport has set out a €20bn transport plan, which it wants to present to the Cabinet early next week.

It will detail all the States major transport projects until 2017.

According to newspaper reports this morning, the Minister for Finance Brian Cowen has given the Department of Transport the green light to forge ahead with its ten year strategic transport plan.

The plan, which is due to begin in 2007, will include many projects that have already been put to the public domain.

For example, in Dublin the Luas will be extended to the docklands and northern suburbs and plans for a metro connecting Dublin airport with the city centre are also included.

Commuter rail connections will be reopened between the capital and Meath, between Cork and Midleton, and Galway and Ennis

Also included in the plan is the completion of the inter-urban motorway scheme and the development of the western road corridor.

Source: online.ie

🙂 Bowen Construction are today erecting their 2nd tower crane over the Jurys/Lancaster Quay redevelopment by O’Callaghan Properties. With the large basement car-park and associated areas now fully dug-out and nearing completion – the crane will aid work on the development of Block B, providing 63 riverside apartments – along with the Jurys Hotel currently under construction, this will form Phase 1 of the a 3-year development effort.

🙂 Investor Joe O’Donovan has moved again with the purchase of the Central Shoe Stores premises on Grand Parade for an estimated €14.5m! The acquisition joins his rapidly expanding collection of premises in the area which includes the Qube Complex on Oliver Plunkett Street, which reportedly sold for €10m and properties along Market Lane and St. Patrick’s Street which include the premises housing the former Pound City store, McCarthy Travel shop and Image Photography. The acquisition gives Mr. O’Donovan and his backers an enviable linkage of buildings from St. Patrick’s Street to Oliver Plunkett Street (only parted by the English Market) and now fronting Grand Parade with the purchase of Central Shoe Stores. A deal with Mount Kennett Investments (Paul O’Brien and John Costello) is believed to be under negotiation – but this is yet to be confirmed. The potential now exists for Mr. O’Donovan to proceed with a large-scale retail and commercial development of impressive proportions. The accumulated sites now offer any prospective development with an envious position fronting Cork’s 3 primary retail corridors which see unparalleled levels of pedestrian activity. Patrick’s Street alone can, at a peak, see up to 200,000 to 225,000 movements per day – plus Oliver Plunkett Street and Grand Parade. A delicate integration with the English Market may yet be on the cards.

Given the angle of this image, a proper outline is difficult. Green indicates suspected properties acquired by Joe O’Donovan et al, red and yellow = possible link-ups.

@altuistic wrote:

Maybe i’m missing something here, but just a few points…and first let me say that i neither condone nor agree with the motion but…

a. arent housing prices growing as it is anyway? Why is such a ban a neccessary catalyst for increasing house prices?

b. some of the prices on these apartments as it is are outrageous – 325000 for a 2 bedroom apartment? Thats almost as much as a house in some places.

c. if a development is in breach of a development plan, don’t the appeals board usual refer to a local authority’s development plan concerning patterns of development in its deliberation?

But that said I agree that it is a stupid motion.

There are a couple of scenarios to assess – the 1st, development land values remain in line, but consequently, given the cap – are restricted in the number of units the site could otherwise accommodate. If granted, to cover costs sufficiently and still profit, a developer will have to increase unit prices – that’s assuming demand for such land remains the same.

Indeed some apartment prices are very steep – however compare this to the average cost of housing units on, for example, the Model Farm Road – average house prices here work out at about €425,000. From a buyers perspective, that’s €700 to €800 more per month on a variable 20-year mortgage versus repayment on a €325,000 mortgage of the same nature (indeed it is a hefty price for 800sq ft, but it can make all the difference for some individuals). The option of an apartment in the same area can provide a much more attractive alternative. However, where site size and assoicated costs do not justify the development of housing, and requires high density style development to justify these such costs, you’ll find that a density/height cap restricts the number of units provided – either way, pushing unit costs up. This will displace certain region of a prospectively larger market catchment. Clearly an uncatered for section of the market will exist, and developers will take advantage of the opportunity, but will be forced to located development elsewhere in locations were site size vs land value allow for the sustainable construction of large developments within the cap. Obviously, given a constrained site size, with a required number of units will mean the displaced of the proposal over a larger area. Even if a planning authority restricts site capacity, the residual demand will be satisfied elsewhere and this will still encompass the consumption of another site. Market ‘law’ suggests that these such sites are generally found in peripheral, ‘green’ locations. From the CCC’s perspective, the height cap stands to see them lose out on development contribution fees as projects are relocated elsewhere – i.e. CorkCoCo jurisdiction. Indeed, a certain level of the market will always seek that apartment along the Victoria Cross Road – but the market catchment is substantially reduced.

Indeed, some developers may still apply for a 5 or 6-storey block – but under the new cap, CCC will be obliged to either refuse, or reduce the project to within policy permittant lines, possibly rendering the development unviable. An appeal to ABP, will ultimately allow ABP a greater say in the end result – and empirically, a greater say in Cork development full-stop should more and more developments be required for referral to the Bord (that’s assuming development supply remains the same). Generally ABP consider Development Plan policy, but they also assess a project within the context of its environment, and the overall suitability of that project within this context. This can over-ride policy in some cases, should the environment exist in contravention of a Development Plan amendment. i.e. If every other building is 5 to 6-storeys and CCC refusal is based on a later applied amendment stating a cap of 3-storeys, the context of the proposal would suggest its planned 6-storeys is more suited to the overall pattern of development in the area. That is one potential outcome.

let them have their 3 storey ceiling. It would take alot more to improve the area anyway. Let developers spend their money in other parts of metro-Cork and then we’ll see how attitudes change.

The problem is that the motion stated ‘suburbs’ – inclusive of broader suburban areas other that Bishopstown. The predominant pattern of development has been associated with the Victoria Cross corridor which is more than suitable for such development. Other isolated developments have included Westend and the Rossbrook area. The problem with the cap is that it will also limit the capacity to improve the area and the elements which you state as being in the ‘found wanting’ basket.

In brighter news…

🙂 Howard Holdings have been awarded the Judge’s Choice Award in the Better Building Awards for their City Quarter project on Lapps Quay – which includes a 200+ space dual level basement car-park, reconstructed quayside with boardwalk and docking pontoon, 190-bedroom Clarion Hotel, 13 luxury apartments, 80,000sq ft of third generation office space and a number of restaurant and commercial units, all designed by Niall Scott of Scott Tallon Walker. Apparently Wagamama on South Main Street, designed by Dan Mulvihill & Associates, was awarded 2nd place. Greg Coughlan received the award on behald of Howard Holdings and indicated the company, who recently were announced as successful buyers of the 11-acre Ford site in the south docklands, and Doyle Warehouse on Albert Quay, had a number of exciting plans under formulation for the Cork city area.
Cork Lord Mayor Deirdre Clune presented the award to Mr. Coughlan along with Gerald McCarthy of the RIAI.

Hi. Any news on the waterstreet development?

A decision by ABP is due for November 24th 2005.

😡 In a momentously ill-considered decision, Cork City Council voted 15-8 in favour of imposing a development ban last night of structures proposed over 3-storeys, despite the warnings of City Manager Joe Gavin and Director of Planning Jim O’Donovan. Though the councillors that supported the motion and residents of the wetsern suburbs backing the ban may think they have won a victory, Joe Gavin warned that they may in fact damage themselves in the long-run. Regarded as a populist, short-sighted motion – it now limits investment options in the area and more specifically limits the ability of Cork City Council to have a more definite final say in the outcome of development projects proposed for suburban areas as more and more projects will likely be deffered to An Bord Pleanala for final deliberation. Existing and emerging patterns in the area may be used as arguments for justification in development proposal greenlighting. If backers of the motion believe this is too their benefit, they may be wise to defer their attention to recent appeal decisions concerning Grianbru, Farranlea Road and Victoria Cross.

Councillor Fergal Dennehy asked Cork City Council to lead the way in designating specific areas for so-called high-rise development – if he browses the Cork City Development Plan 2004 – 2009 he will note that Victoria Cross is already designated as one area capable of supporting such structures.

This motion will likely refer many higher calibre development opportunities to areas such as Douglas, Donnybrook, Ballincollig and other such areas exempt from such policy – in effect, the residents and councillors have simply made it more difficult for the likelihood of their desired local services and amenity provisions to be realised given the limits now imposed on private and public investment in the designated areas. The residential units proposed would create a large supportive market, however the reduced options on density now limit the ability to provide such a base and will displace development options. A very poor decision to which no long-term benefit will materialise for any involved party.

An alternative perspective on the proposed motion before Cork City Council tonight, proposed by Councillor Dave McCarthy, and which seeks to impose a development ban on developments over 3-storeys across Cork’s suburbs. The campaign has been given a lot clout lately in the local media – and so be it, but here’s an alternative perspective on the motion. Click here.

It’s no harm to have a little balance. I hope to bring you news on the outcome of the motion tomorrow. In my own opinion, it is one that makes little social, economic or sustainable sense. A number of opponents have indicated their disapproval of the motion including Director of Planning Jim O’Donovan and Fine Gael Councillor and Former Lord Mayor Colm Burke.

Another topic of discussion among CCC tonight is the proposition of a Bishopstown Area Development Plan, forwarded by Councillors Brian Bermingham and Jerry Buttimer – indeed, I agree with the councillors and its supporters on the materialisation of such a plan, and hope it will provide some form of relevant guideline (and I stress ‘guideline’) with regards prospective development in the area over the coming years. That’s not to say development must be stalled in light of this plan’s formulation, but it should produce a constructive foresight on its completion.

Also calls by some local residents in the area for new local service amenities, such as parks and cinemas etc on the Dennehy’s Cross site are noted. I do not perceive the provision of a ‘cinema’ for example on the Dennehy’s Cross site – but for residents to enjoy such amenities, they need to have a relevant market base. As is, this market does not even support basic provisions such as a butchers, post office etc and that the development opposed by some will actually create a more sustainable environment for such amenities in the future. I support their efforts to attain such facilities – but I hope that they would understand that residential developments in the area will support such facilities realisation rather than inhibit it. Given the nearby student population base and emerging developments in the area – a small cineplex and associated facilities should be quite possible for all residents in the area at some prospective future date – however, there is another site near Dennehy’s Cross which I would deem much more suitable for such development (which could include a public park) – but the site would be subject to the current land-owner’s sale discretion.

to be updated soon.

This update concerns the piece kindly published here.

@lexington wrote:

…Howard Holdings are now focusing on 2 other substantial projects, among them a significant docklands initative…

You may remember I recently noted that Howard Holdings were focussing on a substantial docklands initiative [post #527] – well, news came through last night, and I was told only a few minutes ago that the media were scheduled to announce part details on this issue – I can now confirm that Howard Holdings have purchased the 11-acre Ford Distribution Centre at the very heart of the South Docklands.

The vital docklands site went quietly on the market at the end of the summer with a guide price of an estimated €20m – the final sale agreement is believed to be €5m in excess of this . At least 4 solid bids were placed on the site, some speculation had suggested that Castlelands Construction may have been initially interested but failed to carry through any successful offer. Howard Holdings, whose CEO Greg Coughlan (a native of Ballydehob), has always made known its intention to play an active role in the redevelopment of Cork’s docklands. The company, who recently made a successful purchase of the former 0.5acre Doyle Warehousing on Albert Quay for a suspected €10m final offer price, and who sold their acquired No.16 Lavitts Quay premises to OCP for a price tag of in and around €8m – are now rapidly establishing themselves as Cork’s premeir development company associated with Docklands development. Howard Holdings are also understood as to having devised a South Docklands Masterplan – which I was told they have a substantial interest in helping realise. Their successful bid on the Ford site solidifies their intentions – the company will now commence an assessment of the best specific development options associated with the site. Talks will commence with CCC, but an application is not expected in the medium term – it is likely that the company will await the publication of the South Area Docklands Development Plan next year before forwarding with any proposals.