Friday 22 September 2017

Ronan tower to provide €296m spin-off

An artist’s impression of the 22-storey Aqua Vetro tower adjoining Tara Street Dart Station
An artist’s impression of the 22-storey Aqua Vetro tower adjoining Tara Street Dart Station

Gordon Deegan

Dublin's tallest building could provide an annual €296m economic spin-off for the economy - if it's given planning permission.

That is according to a socio-economic report drawn up by a well-known economist, Prof Constantin Gurdgiev, on the planned landmark development for the capital.

The report by Prof Gurdgiev - who lectures at Trinity College and the Middlebury Institute of International Studies at Monterrey in California - is one of a number of documents lodged with the planning application by Johnny Ronan's RGRE Group.

Mr Ronan plans to construct the 22-storey Aqua Vetro tower adjoining Tara Street Dart Station. A decision is expected by Dublin City Council in July.

In his 33-page report, Prof Gurdgiev states that an 'upside' scenario for the development will provide a total annual economic impact of €296m a year. Prof Gurdgiev says that scenario includes growth rates of Gross National Product growth of 4.5pc and 5pc over the period and no adverse economic shocks between 2018-2023.

However, even in a 'downside' scenario - if the economy suffers from adverse economic shocks and a mild recession - Prof Gurdgiev is forecasting an annual €263m economic spin-off from the development.

Prof Gurdgiev states that between 2,722 and 3,068 jobs will be supported by the development.

He said the site and adjoining areas were "a de facto blackspot" on the Dublin City Centre map.

Irish Independent

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