Planning permission has been granted for the scheme, which will see Limerick Twenty Thirty DAC (LTT) develop the site into a new hub for commercial activity.
This represents one of a number of disused iconic sites in the city and county that LTT is planning to transform into catalysts for economic development and job creation.
The 1.62 hectare Opera Site is the largest project in the LTT programme and will be developed over a six year period. It is fully funded thanks to commitments from the European Investment Bank and the Council of Europe Development Bank.
Welcoming the announcement, Mayor of the City and County of Limerick Michael Sheahan said: "This is one of the most important and welcome announcements for Limerick as it will literally transform our city centre into a world-class space capable of attracting major global investment and, more importantly, people to work and indeed, live there. The ripple effect from this will be enormous. It will undoubtedly be a success in its own right and in turn, attract huge numbers into the city, triggering other commercial and residential investment at a level that we have not seen before in the heart of Limerick.
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"We recently launched a bold and first ever brand proposition, Limerick - Atlantic Edge European Embrace. That was a declaration of confidence as to what Limerick has become, a city at a European-Atlantic crossroads, attracting inward industry, tourism and education investment. The Opera Site will absolutely underpin this. This is a landmark Limerick day."
CEO of Limerick Twenty Thirty, David Conway commented: "For many reasons we are absolutely delighted with today's news. First and foremost, it’s because of what this will mean for Limerick and the wider region. The economic impact of this will be enormous, like no other single project before here. The An Bord Pleanála decision also validates the huge effort that our team went to in preparing and moving this application. They have been true to the commitment at the outset that we will deliver this critical project in the heart of Limerick to a standard that respects the architectural heritage of the area, of the city's Georgian core but at the same time turns it to the future, meeting the needs of the vibrant community that will come to live and work here."
He added: "Limerick Twenty Thirty is in existence just over three years. Our Troy Studios site has been a huge success, bringing 500 people to work in a dynamic industry that's really giving Limerick a new edge; our Gardens International site, which was our first major build, has been completed to the highest standards and landed top national architectural awards as a result. We are well advanced on the planning of our two other projects, the 10 acre Cleeves Riverside Quarter just across the River Shannon in the heart of the city and the Mungret residential site, which will comprise 250 housing units in phase 1 and up to 850 in total. But Opera will be the catalyst that will not just drive the local economy and these projects but so much more investment in Limerick."
The 450,000 sq ft campus will be capable of employing up to 3,000 people, featuring a 14-storey landmark building at Bank Place; 4-6 storey over-basement building; 5 storey building on the corner of Patrick St. and Ellen St. comprising an apart-hotel, 13 apartments and retail space at ground and basement levels; and a new bar and restaurant.
Further works will see the Town Hall renovated, a car park developed at Opera Square and the refurbishment of the Granary Building on Michael Street.
Work on the project will commence in the second half of 2020.
(CM/MH)
