The redevelopment of more than 40 acres of prime docklands in Limerick could generate up to 1,000 jobs, and inject some €50 million into the local authority per annum, the current owners of the site have revealed.
In a statement released yesterday, Shannon Foynes Port Authority also said some 750 additional people would be employed during the construction phase of the proposed new commercial centre for the city centre docklands.
The projections by the port authority are based on expressions of interest from developers keen to acquire some of the prime city centre sites.
It has been estimated that if this project goes ahead the entire development, from start to finish, could cost about €1 billion.
Among the proposals from developers are a cultural centre for the arts, a national convention centre, hotels, financial centres some retail and a small amount of exclusive residential property.
The proposals also feature leisure facilities including berthing for sailboats and motor cruisers near the commercial centre.
According to the statement, the rejuvenated docklands would also complete the aesthetic transformation of riverside Limerick which, it says, has been a work in progress spanning three decades from Arthur's Quay to Steamboat Quay.
The chief executive of Shannon Foynes Port Authority, Brian Byrne, said the company was at the final stages of deliberating over proposals from developers.
He described the project as extremely exciting.
"This project has the potential to trigger massive inward investment for Limerick and represents a landmark development for the city's economic and visual environment," he said.
"Limerick can still secure its heritage at the same time as standing confident and tall in the league of great world cities and other regional capitals," Mr Byrne said.
The development is also likely to incorporate a new landmark iconic building that will stand out above Limerick's existing skyline.
The port authority says it is at an "advanced stage" of considering the expressions of interest from developers.
While the company would not be drawn on how much the 40 acres would realise on the open market, property sources have indicated that the port authority could net up to €80 million from the sale. According to Foynes port authority, which currently has debts approaching €20 million, the proposed sale at Limerick docklands would release vital additional equity for the ongoing redevelopment of the port.