A site of more than 40 acres in Lucan, west Dublin, designated for almost 900 apartments, has been handed back to the local county council by the developers and Nama.
Shelbourne Development, chiefly known for its abortive Chicago Spire project, acquired the 41.5-acre site near Adamstown in the Balgaddy/Clonburris strategic development zone from South Dublin County Council in 2006.
Under the deal the council was to get land at Cooldrinagh, near Leixlip, and Shelbourne was to pay €40 million for the Lucan site.
Social housing units
The developers were also to pay €38,500 for each residential unit over and above 650 units for which it got planning permission, and the council would pay an equivalent sum for 200 social housing units.
Shelbourne had originally sought permission for 973 apartments and houses on the site, but council planners reduced the number of residential units to 898 and granted permission for shops and other community facilities.
Shelbourne Development went into receivership in 2011. The council subsequently initiated legal action against Shelbourne Development following its failure to comply with the terms of the agreement.
The council's director of development, Frank Nevin, said the legal action had now been resolved, with the agreement to transfer the land back to the council.
"Following protracted negotiations between the council, Shelbourne and Nama, agreement was reached that Shelbourne would transfer the lands that it had acquired from the council back to the council in full and final settlement of all outstanding issues," he said.
Transfer of title
"The legal representatives for both parties have been instructed, and the transfer of title process has been initiated."
The 41.5-acre site borders the Dublin-Kildare rail line about 1.5km closer to the city than Adamstown. It is one of the last remaining pockets of undeveloped land in the area.
Fine Gael councillor William Lavelle, who was opposed to the development on the grounds it was too high density for the area, welcomed the return of the land to the council.
Mr Lavelle was not a member of the council in 2006 when the deal was agreed.
