Originally, it had been expected to cost approximately €595 when the plan was first mooted five years ago.

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 and 25,000 new jobs.

It is the country’s largest urban regeneration project and is expected to be fully completed by 2038.

Much of the cost increase is down to the rising cost of delivering the Eastern Gateway Bridge, which has quadrupled in cost from €74m in 2021 to €311m.

The decision by Cabinet has been welcomed by Cork City Council’s chief executive Valerie O’Sullivan, who described the docklands project as being “transformational” for Cork City.

“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 place to live, work and invest,” Ms O’Sullivan said.

While there has been an increase in the overall project cost, it is expected the €595m allocated to fund the project will be enough to cover the first phase of the project.

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.

• Tadgh McNally is a political reporter for the Irish Examiner