Cork docklands fund to support housing for up to 25k people
The development of infrastructure to enable the development of the Cork City Docklands is expected to cost approximately €1.063 billion, according to a preliminary business case (PBC) approved by Government yesterday, Wednesday.
The PBC has been reviewed by KPMG and the Major Projects Advisory Group, as well as the Department of Housing, Local Government and Heritage as part of the External Assurance Process for the project.
The Cork City Docklands Enabling Infrastructure Investment Programme will provide the infrastructure necessary to redevelop a 147-hectare brownfield site to the east of Cork city centre.
It will support the development of housing for up to 25,000 people and has the potential to support up to 25,000 jobs according to information released by the Department of Housing.
“The Docklands is in a prime location to foster compact growth and the phased regeneration will include high-quality, high-density, mixed-use development in sustainable waterfront areas, with new urban quarters and transformational projects that will act as catalysts for further investment and regeneration in the city,” said a spokesperson.
The Docklands project was awarded a funding allocation of €357.6 million under the Urban Regeneration and Development Fund - now the Towns and Cities Regeneration Investment Fund - alongside matched funding of €116 million from Cork City Council.
The overall Docklands project has been broken into project bundles, which have been further broken into Tranche 1 and Tranche 2 projects.
Existing available funding will allow the completion of Tranche 1 projects, such as the enabling infrastructure, which are designed as standalone, economically viable investments that can deliver significant early benefits independent of further funding.
An Taoiseach Micheál Martin said the Docklands is one of the “most exciting urban regeneration projects in Ireland”.
“The Cork Docklands project will be truly transformative not just for the city, but for the entire county and wider region,” he said.
Minister for Housing, Local Government, and Heritage James Browne said the infrastructure will help to “breathe new life into Cork’s iconic docklands area.
“It will lay the groundwork for up to 25,000 homes, as well as providing hobs, business opportunities, and the potential for vibrant new urban quarters,” he said.
Chief Executive of Cork City Council, Valerie O’Sullivan said the project would be transformational for Cork City and has already seen “huge progress”.
“Government’s commitment to multi-annual investment will enable Cork City Council to deliver the necessary infrastructure to support continued growth in housing, jobs, and enhance Cork City as a place to live, work, and invest,” she said.