The most transformational and largest commercial property development programme outside the capital kicks off today as work begins on the first Limerick Twenty Thirty contract.
‘The Gardens’ contract which will be developed at a cost of €17.6million is the first of three major projects that will transform inner city Limerick. It will create 1.4million sq ft of prime real estate for various uses and turn the Mid-West capital into a living and working city centre.
The wider programme is aimed at attracting 5,000 new jobs in Limerick over the next five years with ‘The Gardens’ building set to accommodate 750 posts and support 150 jobs during construction. Work on the project will begin on April 18th next with a completion date of late 2018.
The contract for ‘The Gardens’ project was signed last week by JJ Rhatigan & Company builders and Limerick Twenty Thirty, which is the first special purpose vehicle of its kind in Ireland and was created by Limerick City and County Council to purchase and build strategic but unused key sites in the city.
The 100,000 sq ft Gardens International Office on Henry Street will be the first speculative build under the programme which overall will see over €500m worth of investment in creating state-of-the-art office, retail, residential, education and enterprise space in Limerick.
Commenting on the project, Chief Executive of Limerick City and County Council, Conn Murray said, "We have already seen significant job creation and over €1.3 billion invested in Limerick over the last three years with the fastest growing employment rate in the country. The Gardens will now trigger a new wider programme of investment in infrastructure to bring that record period in Limerick to another level."
He added, "Limerick is rejuvenated, it is attracting a lot of international attention and now we will be able to offer what FDI and indigenous investors mostly look for – inner city locations in a vibrant city where people can work and, indeed, live. This will be a landmark project for Limerick and in time we will look back on it as pivotal moment for the city and region."
Source: www.businessworld.ie