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Development of Limerick’s 200 million euro ‘opera site’ to start in autumn

By August 26, 2020December 7th, 2021Site development

A long-awaited 200 million euro development of part of Limerick city center, described as the ‘site of the opera’, will start in the fall and create 3,000 jobs, which it is hoped , Will “launch” the economic recovery of the city.

The site was acquired by Limerick City Council in 2011 after the failure of a previous development plan during the economic crash of the mid-2000s, and was subsequently handed over to Limerick Twenty Thirty DAC – a development company established and owned by the board.

Building permit for the project was granted by An Bord Pleanála in February this year following an oral hearing.

Today’s announcement of the appointment of Cogent Associates, who oversaw the Central Bank and Google’s EMEA headquarters project, as project managers for the Opera site, is seen as an important step in starting development.

Recovery

Limerick 2030 chief executive David Conway said the development “will unleash the most important and timely economic stimulus of modern times in the city, and allow Limerick to launch the economic recovery from Covid-19.”

The 3.7-acre “mixed-use” development is fully funded through loans primarily from the European Investment Bank and the European Development Bank’s Board – and is expected to be delivered over a six-year period.

It is hoped that the massive development, which will include a new public square with pedestrian links to the city, will make Limerick an attractive location for businesses leaving the UK due to Brexit.

The site was valued at over 100 million euros at the height of the boom, but the city council bought it for 12 million euros in 2011 following the economic crash.

Cogent Associates CEO Kevin James said: “. . . Not only is the opera house of enormous importance to Limerick, but because of what it will do for the regional economy in the Midwest, it will have national significance. This is a “key” development in line with the government’s plans for the reconstruction of Ireland by 2040. ”