Work on a new town centre development in south Dublin that will eventually provide 4,000 new homes for approximately 15,000 people, has commenced. US property investment firm Hines, along with King Street Capital, bought the 400-acre in Cherrywood for €282 million in December 2014.
The site, which was previously designated as a strategic development zone (SDZ), has approval for the construction of a new, retail-led mixed use town centre along with about 4,000 apartments and houses.It also has zoning capacity to expand what is already the second-largest office park in Dublin to three times its current size.
Work is now underway on the first phase of the €160 million project by the landowners and Dún Laoghaire-Rathdown County Council which will see the development of a major road, cycleway and pedestrian pathway network, and three very large parks over the next fifteen months.Hines Ireland, which owns 60 per cent of the site, says the initial work will lead to the creation of 180 construction jobs.
A detailed planning application is to be submitted in the coming months for a new €875 million Cherrywood Town Centre which will include shops, restaurants, a multi-screen cinema and bowling alley, as well as 1,300 apartments immediately adjacent to the Cherrywood Luas. This is expected to result in the creation of 3000 jobs during its construction and development phase.
The Cherrywood site, which is located on both sides of the M50 and is the terminus for the Luas Green Line service, was originally a project of the since-collapsed Liam Carroll property group.
Source: Irish Times