Overall costs for the docklands development were estimated at €595m five years ago.

However, the Government has been told the total for the project, which is due for completion by 2038, is now being put at €1.062bn.

The Cork Docklands Enabling Infrastructure Project is to deliver new public realm roads, parks, and other cultural spaces for the city, with the proposals expected to open up space for 10,000 new houses.

It is the country’s largest urban regeneration site and, when completed, is expected to be the base for up to 25,000 jobs.

The Eastern Gateway Bridge is now set to be completed by 2037, by which stage it is now projected to cost €311m, significantly more than the €74m previously quoted.

The bridge, one of three to be constructed as part of the plan, will connect the Lower Glanmire Rd with Monahan Rd on the other side of the River Lee.

Opponents say the introduction of additional bridges could "sterilise" the river as an amenity. 

A report on river usage by Cork City Council and the Cork Docklands delivery office is due to be published in early autumn.

Sources have said the price increases for the docklands developments are down to construction inflation alongside changes to the design of some parts of the overall project.

Cork City Council submitted its revised preliminary business case for the infrastructure development in 2024, with the Department of Housing now moving to rubberstamp the plans.

It is expected the Government will give the green light for the project to progress to the next stage as early as next week, with the timeline for full completion scheduled for 2038.

This is only the first stage approval, however, with further Cabinet approvals required in the future.

It is understood that while first stage approval will be granted, there are several recommendations to ensure costs are managed within the allocated budget.

This includes stronger governance and project management controls.

There will be actions taken in the event of cost overruns, particularly where the 20% contingency fund is exhausted. 

If this occurs, options include reducing the scope of parts of the project, or changing the sequence in which it is carried out.

While the overall cost of the project has increased, it is expected that previously announced €595m will be enough to cover the first section of the plan.

The first bundle of works, taking place on the North Docks, will see improvements to the public realm in the area, including the building of a new waterfront promenade, repairs to the quay wall and an active travel corridor.

The second bundle, focused on the South Quays, proposes improvements to the public realm along the marina, including plazas, urban parks, and improved access to the river. It is expected there will be greenway facilities built.

Other new developments include the provision of sports facilities, including a sports centre at Canal Walk and a maritime activity centre.

New transport infrastructure will also be developed, with several roads expected to be widened, including Monahan Rd, Marque Rd and Centre Park Rd.

Development of the second half of the project, which includes changes to public realm and building of plazas alongside a new Canal Walk Sports Centre, will require additional funding.

It is not expected that there will be further capital costs to the State for the regeneration project until after 2030, when the National Development Plan expires.

The current preferred route for the Cork Luas would go through the docklands, including over a new public transport bridge from Horgan’s Quay to the south docklands.