Details of a £22 million Cornmarket Square development, one of the largest proposed under the Section 23/27 designated area scheme, was announced at the Chamber of Commerce building in Limerick yesterday by Cork developers, Gable Holdings Limited.
When completed, together with the Steamboat Quay scheme, it will bring to £250 million the amount spent over the past 17 years in redeveloping the older parts of the city centre.
Mr Tadgh O'Brien, managing director of Gable Holdings, said the development, with an art gallery and linking up with the £30 million Cruises Street project, has already been described as the Temple Bar of Limerick. The development is due to be completed in July. He added that the demolition of the existing "semi-derelict 11/2 -acre block on High Street, Cornmarket Row, Robert Street and Upper Denmark Street, acquired at a cost of £3 million, was found necessary".
The development, he said, would include a seven-storey 700space car-park, 44 two-bedroom apartments and 11 retail units.
Mr Brian Ahern, the architect, said that while there was much use of glass the aim was to retain some of the Georgian look of the area. Mr Pat Kearney, president of the Chamber of Commerce, whose firm is also the letting agency, said Limerick could now be proud of the development in a historic part of the city which had been derelict for some years.
Mr John Stapleton, of Rooneys, the letting agents, said two groups had shown an interest in purchasing a £7 million section of the development. Gable Holdings has developed Bruach Na Laoi on Union Quay, Cork, and at Reeveswood, Douglas, Cork. The company is at present developing Whitepoint Moorings, Cobh, and Castlewood, Mallow, as well as a development at Kinsale. Planning permission has been applied for by the company for a 230-house development at Annacotty, Co Limerick.