The Government has given approval for the establishment of a project team to prepare plans for a several hundred million euro redevelopment of the former Irish Steel site in Cork similar to the Dublin Docklands redevelopment.
Minister for Enterprise, Trade and Employment Micheál Martin says he expects that the plan will lead to the establishment of an authority similar to the Dublin Docklands Authority to oversee the redevelopment of Haulbowline Island in Cork Harbour.
The project team will be led by the Department of Enterprise, Trade and Employment but will also have involvement from the departments of Defence, Communications, Marine and Natural Resources, and the Department of the Taoiseach.
Mr Martin said he expected to receive the report of the project team by the end of the year. This would form the basis for a master plan for the 44-acre site. He expected that the plan would involve a joint partnership between the State and the private sector.
Although reluctant to be drawn on the investment, the minister said that it would run to several hundred million euros. The plan was for a mixed-type development involving residential and tourist elements as well as office facilities for the hi-tech software industry.
The project would involve the construction of 16,000 sq metres of office space, approximately 200 apartments, a marina with up to 225 berths and a clubhouse, a 300-bed hotel, a maritime museum and a landmark building.
"The project would be among the largest projects in the State since the development of the Financial Services Centre in Dublin," Mr Martin said. "It will be of huge significance - not just to Haulbowline and the lower harbour area, but to the city and county as a whole."
Mr Martin conceded that the Department of Defence would be seeking some of the site for the expansion of the Irish Naval Service HQ on the island.
He rejected a suggestion that the development might be viewed as a trade-off to residents of the Cork Harbour area for the installation of a toxic incinerator in nearby Ringaskiddy and said that the first step was the continuing clean-up of the former Irish Steel site.
"This site has the potential to be the most attractive waterside site in Europe," Mr Martin said.
He added that the National Maritime College and University College Cork's marine research centre, along with the area's marine tradition, would form the basis of the redevelopment plan.