THE GOVERNMENT HAS approved the preliminary business case for the €1 billion development of Cork City Docklands.
The development will provide the infrastructure to redevelop a 147-hectare brownfield site to the east of Cork city centre, facilitating housing for up to 25,000 people and potentially supporting up to 25,000 jobs.
The government put funding of €357.6 million towards the project under the Towns and Cities Regeneration Investment Fund, alongside matched funding of €116 million from Cork City Council.
The docklands were a major industrial and maritime hub in the 19th and 20th century, before much of the city’s port activities moved to the Port of Cork. The area has been redeveloped in recent years.
Announcing the funding, Taoiseach Micheál Martin said the Cork Docklands is “one of the most exciting urban regeneration projects in Ireland”.
“This week’s Government approval is an important step in unlocking the key infrastructure needed to support the building of thousands of new homes, the creation of jobs and the development of new sustainable communities, right in the heart of the city centre,” he said.
Minister for Housing James Browne said the project will “breathe new life” into Cork’s docklands.
“This is a long-term project that is ambitious in its scope, but it has been carefully devised and evaluated to guarantee value for money with clear project deliverables, realistic timelines, and checks and balances along the way,” he added.
In a statement, the Department of Housing said the preliminary business case has been reviewed by KPMG, the Major Projects Advisory Group and the Department of Housing.