The economic value of the Hammerson development plan for 5.5 acres off O'Connell Street in Dublin is estimated to be €1 billion, according to a new report. However, a 1916 relatives group has called for the rejection of the plan.
The report, drawn up by JLL Ireland, on the commercial rationale for the scheme, says that the development will deliver 2,701 jobs when complete.
The development would generate, according to the report lodged with Dublin City Council on behalf of Hammerson, 2,154 office jobs, 366 retail jobs, 100 jobs in restaurants and 67 hotel jobs.
The report estimates that of the 366 retail jobs, 311 will be taken by local people. It would also employ 533 in the construction phase.
JLL said that the scheme would result in a spend of €42.5 million in the local supply chain.
The scheme is made up of 476,000sq ft office space; 61,000sq ft of retail space, 26,000sq ft of food and beverage space, two hotels and 94 residential units.
Landmark quarter
JLL said that Hammerson is aiming to create a landmark quarter in Dublin’s north inner city that would “revitalise O’Connell Street as Dublin’s pre-eminent street with a mix of office, retail and residential spaces as well as two hotel schemes”.
The report said the long-term outlook for the city’s office market is positive. It expects that the demand for office space would “drive and catalyse further office development in the area to make it a prime destination for office occupiers”.
Planning documents lodged with the application said that existing historic street patterns of Moore Street will be retained and that buildings associated with 1916 would be dealt with sensitively.
However, the plan is facing opposition from the 1916 Relatives Moore Street Initiative over its potential impact on the street.
The group has called on Dublin City Council planners to reject the application out of hand.
A decision is due on the application next month.
