By Kim O’Leary
Planning permission has been lodged to build 600 new apartments on the former bottle factory site in Poolbeg.
A consortium of the National Asset Management Agency, Ronan Group, Oaktree Capital Management, and Lioncor Developments submitted the planning application on Friday to Dublin City Council for the first phase of ‘Pembroke Quarter’, a new Dublin City Quarter at the Poolbeg peninsula.
NAMA will hold on to a 20 per cent stake in the development on the site of the former Irish Glass bottle factory on the Poolbeg peninsula, with the other members of the consortium holding the remaining 80 per cent.
The project plans to deliver up to 3,800 homes, over one million square feet of commercial space, educational facilities, public open space, civic space and other community amenities.
A quarter of the residential units will be social or affordable housing.
Pending planning permission, the consortium said the project’s first phase, the development of 600 apartments, will likely begin construction early next year.
However an agreement has not been reached with the consortium on how to deliver affordable homes at the site, and how much these units will cost to buy.
“Over the coming years, Pembroke Quarter will deliver much-needed homes for more than 10,000 people in Dublin’s city centre,” said CEO of Ronan Group Rory Williams.
“We understand deeply how acute the need for housing is in the city, so we are very pleased to be able to submit this planning application for the first phase of development so quickly after the purchase of the site.”
Nama CEO Brendan McDonagh said: “We are delighted to see this superbly located Dublin Bay site move into the first phase of its development lifecycle with the submission of this first planning application for 600 residential units.
“Nama is proud to be associated with progressing this key site which has overall capacity for 3,800 residential units. Furthermore, the 25 per cent allocated to social and affordable units will provide homes to those most in need, close to the heart of Dublin.”