Nama and US firm plan 19-storey skyscraper in central Dublin
Published 03/04/2015 | 02:30
A US investment firm has teamed up with Nama to build a major office and apartment development - including a skyscraper - in central Dublin.
Kennedy Wilson yesterday applied for planning permission to build 313,000 sq ft of office space and 204 apartments at the "Capital Docks" site on John Rogerson's Quay, close to the East Link Bridge and opposite the 3 Arena.
The €200m development includes plans for three office blocks and two apartment buildings including one that will be 19 floors, or 66m tall.
That would make it the tallest residential building in Dublin, ahead of the Millennium Tower in Grand Canal Dock. It would be one metre shorter than Montevetro, the tallest office block in the city.
Nama has a 15pc share in the joint venture, and is likely to contribute about €30m to the development costs over the life of the project.
The development is likely to create a maximum of 600 construction jobs although an average of 375 people will be on the site.
Once complete it will cater for 3,000 office staff and house about 600 residents.
In a statement, Kennedy Wilson said the plans include a 1.5-acre landscaped public park and square, designated cultural space and a "significant" retail and leisure options.
"The scheme will benefit from significantly improved connectivity following completion of a planned pedestrian footbridge across the River Liffey... and access from John Rogerson's Quay towards Ringsend," Kennedy Wilson said.
The development will be built on two sites side by side that were held by the American firm and Nama. Those have now been merged into one site.
Kennedy Wilson is the majority partner and acts as development manager to the project.
Assuming things go according to plan, construction is expected to begin early next year and the first offices would be available a year later.
Kennedy Wilson Europe managing director Peter Collins said the deal was a "standard-bearer for integrated office and residential development".
"The scale and layout of the site will enable us to offer larger floor plate office buildings but with a high degree of flexibility.
"This development will have a transformative effect.., in this part of the city," he said.
Nama's Brendan McDonagh said the planning application "will facilitate the delivery of high-quality commercial and residential buildings".
"It also demonstrates our continuing progress in meeting the commitment to fund and facilitate the delivery of office, commercial and residential development the docklands area and elsewhere in response to demand" he said.