Plans for a new Urban Quarter have been announced in Cork.

HQ Developments Limited, a joint venture between BAM Ireland and the Clarendon Group, said the six-acre prime City Centre site at Horgan's adjoins Kent Railway Station and benefits from 160 metres frontage on to the River Lee.

A €160 million mixed use waterfront development is proposed comprising eight new buildings, the restoration of existing buildings and the design of significant new public realm space.

At peak construction time there will be 450 workers on site.

A focal point of the development will be the restoration of three significant industrial conservation buildings, the Station House, the Carriage Shed and the former Goods Shed.

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The development aims to make Kent Railway Station more accessible to the City Centre and the river and will bridge MacCurtain Street with Kent Station. Provision has been made for more than 5,000 m2 of public realm space. The Southern Plaza will open onto the River Lee facilitating pedestrian routes through the site to the new train station entrance and new steps will be provided up to the Lower Glanmire Road.

The Horgan's Quay site is owned by CIÉ and the agreement for its development is based on a structured income sharing finance deal whereby the developer will obtain a 300-year ground lease in return for the higher of an annual rent or alternatively 10% of the market rent from the new buildings.

HQ Developments Limited has lodged plans for the landmark Horgan's Quay site with Cork City Council. Subject to planning permission it is expected that work on the site will start in 2018.

(CD/LM)