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On hold -- the €8bn trophies of the boom

From Ballsbridge to the U2 Tower, the Celtic Tiger's blue-chip building projects are being mothballed

Saturday February 05 2011

They were the Celtic Tiger projects mooted at a time when money was no object and developers were convinced that a €1m-plus apartment in Dublin city centre represented good value. The country was awash with Beemers and Mercs, unemployment was at a record low and everyone, it appeared, earned hefty pay cheques.

But Dublin was an embarrassment. Buildings housing our cultural institutions were not fit for purpose. Many apartments in the city centre were shoeboxes, not homes, and there were few 'landmark' buildings to make the city stand out as a capital of note.

All that was set to change at a time of cheap and easy credit. Small sites changed hands for hundreds of millions of euro as the public and private sectors prepared to embark on a massive spending spree.

High-rise apartments, luxury hotels, marinas, theatres and concert halls were promised. Even prisoners would would get a new home in a complex designed by award-winning architects.

Today the Irish Independent reveals what happened to some €8.8bn worth of projects that fell victim to the economic downturn.

Project One Berkeley Court (€380m for the site, €1bn project)

Sean Dunne became a household name when he bought the seven-acre Jurys Berkeley Court site in 2005 for almost €380m, a record at the time.

In 2007, he unveiled plans for a massive development project, with a 37-storey tower at the centre. It was thrown out by An Bord Pleanala (ABP), which said it represented "gross overdevelopment".

What was said:

"Mountbrook (Mr Dunne's company) is playing its part to halt the drastic, unsustainable urban sprawl of Dublin ... the proposal leads the way in demonstrating how Dublin can be developed."

Current status:

ABP is considering a revised and much-reduced plan.

Project:

National Concert Hall (€100m) The 2006 plan was to redevelop the site on Earlsfort Terrace to include three separate but inter-linked auditoriums with a capacity of 2,050.

What was said:

"In the past year, great progress has been made in this regard and the procurement process is well under way," said Arts Minister Martin Cullen in 2008.

Current status:

Last March the Department of Finance pronounced itself satisfied with an economic evaluation of the move. Just months later, the project was permanently shelved. Some €2.4m has been spent.Project:

Abbey Theatre (€250m)

A new national theatre was first proposed in 2003. In 2007, it was moving to the Docklands. Two years later, it was decided to consider relocating it to the GPO (above) in time for the centenary of the 1916 Rising.

What was said: "I look forward to the creation in due course of a new home for the National Theatre that reflects its important place in the cultural life of the nation and as the cradle of dramatic genius," said minister John O'Donoghue in 2003.

Current status: The Department of Tourism, Culture and Sport commissioned a feasibility study which is "nearing completion". In effect, the project has not progressed but more than €400,000 has already been spent.Project

U2 Tower (€200m)

Plans for a 120 metre-high tower on a site on Britain Quay, owned by the State, were revealed in 2007. It included a studio for U2.

What was said

"This design will be a very special building for Docklands and Dublin City."

Current status

Suspended in October 2008, the year construction was due to begin. "The project is now dormant," a spokesman told the Irish Independent.Project: Greystones Harbour (€300m) (above)

Wicklow County Council and development partners Sisk and Park Developments planned to build a new marina, some 300 new homes, shops and offices at Greystones Harbour. More than 5,000 people objected. The project was first mooted in 2005 and work started in 2008.

What was said:

"The most exciting development currently proposed for Co Wicklow."

Current status:

The harbour is substantially completed, but 10 foot-high hoarding now surrounds the site. NAMA will decide.

Project:

Guinness Brewery (€650m)

In September 2008, Diageo announced plans to build a new brewery in Leixlip, Co Kildare, on a 73-acre site. The biggest Diageo brewery in the world, it was due for completion in 2013.

What was said:

"This site announcement is a truly significant decision by Diageo."

Current status:

On hold.

Rail projects for Dublin DART Underground (€2bn), Metro West (€2bn), Luas Lucan line (€1bn). Some €40m has been spent so far planning the DART underground line, which will not be built until at least 2014. Luas and Metro West are in planning but unlikely to go ahead in the near future.

Project

Number One Ballsbridge

(€171.5m for the site, €600m for the development)

First mooted in 2005 when developer Ray Grehan paid a record €171.5m for a 2.2-acre site in Dublin 4, he planned to build 109 luxury apartments, offices and shops over several blocks.

What was said

Despite some 80 objections from local people, the project would "not only have minimal visual impact but will also integrate with the character and design of the surrounding buildings". Mr Grehan added that Ballsbridge might not be as affected by a slowdown in the property market as other parts of the city. Current status

Ballsbridge was hit by the downturn. "We still plan to build it out but it's subject to NAMA approval or private funding," Mr Grehan said, adding: "In this climate, nothing's happening. Confidence is at an all-time low."

High ambitions . . . other sites left idle

Project

Clarence Hotel, Dublin (€150m)

Plans for the revamp of the 140-year old hotel were submitted in 2007 and approved the following year. Some 114 bedrooms were planned, topped by an elliptical canopy with a reflective surface on the roof.

It was described as a "white hovering halo" by the architects, but as a flying saucer by others.

What was said

There was no 'plan B' if the scheme was rejected, U2 guitarist and co-owner The Edge (pictured) said.

Current status

Turns out there was a plan B after all. A spokesman said: "In light of the current environment, no immediate progress is anticipated." The hotel is still open and owners are "fully committed" to the project.

Anglo Irish Bank HQ (€108m)

Developer Liam Carroll planned to build a new head quarters for Anglo in the Dublin Docklands. Both parties have since gone bust.

What was said:

Very little. The Dublin Docklands Development Authority fast-tracked planning permission in return for land for a park, so there were few public announcements.

Current status:

Just the skeletal structure is in place and State-owned Anglo has ended its agreement to occupy the building. One suggestion is to leave it as is, a monument to where it all went wrong. Maybe turn it into a viewing platform? NAMA will ultimately decide.

Thornton Hall prison

(No cost given, €43m spent to date) In 2006, a 2,200-place super-prison in north County Dublin to replace Mountjoy was mooted. The State bought 150 acres of land at €200,000 per acre, when land nearby was selling for €26,000.

What was said:

"In relation to the purchase price of the Thornton Hall site, I have received no advice ... that the price paid was in any way exorbitant," Justice Minister Michael McDowell said.

Current status:

A competition to build the prison under a public/private partnership fell through. Construction of fencing and a road to serve the site is under way. The prison will be delivered on a phased basis and is due to open in 2014.

Liberty Hall (€60m)

Trade union SIPTU revealed plans in 2007 to demolish and replace Liberty Hall with a 20-storey skyscraper.

What was said:

"We need more of this type of investment in order to stimulate the economy and we are calling on others to do the same," said the union.

Current status:

Waiting for a planning decision, but funding could be a problem. "At the same time, costs have come down and investment like this is needed," said SIPTU.

Other projects:

UCD Gateway project (€350m): A massive building project announced in 2007 involved new lecture theatres, an arts and cultural facility and student residences. It's now on hold.

Originally published in

 
 

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