The Dublin Docklands Development Authority is to spend more than £20 million (#25.4 million) developing the Stack A warehouse, the last remaining element of the original International Financial Services Centre scheme. The 10,000 sq m building will be transformed into a mix of a museum, leisure and shopping facilities and be operational by mid 2003, according to Mr Lar Bradshaw, the chairman of the authority.

No anchor tenant has been named for the development, which Mr Bradshaw said would accommodate "high quality" retail and leisure activities.

"We will shortly be seeking occupiers for the space within Stack A and already we have received strong market interest," said Mr Bradshaw.

He said the redevelopment of Stack A would make a radical difference to the IFSC.

"It was a concern that it has taken so long to get it up and running.

"We see it as sustaining and adding value to the vitality of the area and important in creating footfall in the area beyond the nine to five period," he said.

Chief executive Mr Peter Coyne said last year saw further development of the leisure and recreational dimension of the IFSC, with both the Excise Bar and Clarion Hotel opening for business and six new retail units opening on Mayor Street.

Mr Bradshaw and Mr Coyne were reporting on the accounts of the authority for 2000, which saw a turnover of more than £23 million, generating a surplus of £19.2 million.

Operating expenses amounted to £9.6 million, of which £2.4 million was spent on "area regeneration".

Other projects completed during the past year included the full occupation of the IFSC phase two offices; the approval of the Grand Canal Dock Area Planning Scheme; the development of the Extended Custom House Docks Area Draft Planning Scheme; the commencement of the £1.5 billion Grand Canal Harbour project; the implementation and expansion of the Community Development Project Initiative; and the commencement of the National College of Ireland/Docklands campus which will be opened in September 2002.

Getting the Draft Extended Custom House Docks Area Planning Scheme approved as soon as possible is "a priority", Mr Bradshaw said.

The area takes in 32.7 hectares on the North Wall including Spencer Dock and the area extending to the Point Depot.