Tánaiste and Minister for Finance, Simon Harris T.D., has officially broken ground on a major new mixed-tenure residential development in Bishopstown, Cork. Funded by Home Building Finance Ireland (HBFI), the Waterfall Avenue project is being spearheaded by Bridgewater Construction and will deliver up to 164 homes for the local region.

Construction is actively progressing under phase 2 of the project, while phase 3 is scheduled to begin in June, bringing an additional 246 units to the area.

Speaking at the Bishopstown site, Tánaiste and Minister for Finance, Simon Harris, said: "I am delighted to see the impact that Bridgewater Construction is having here in Bishopstown Cork, providing 164 new mixed-tenure homes to the local area. This development, upon completion, will deliver up to 410 new homes.

"This is an excellent example of the impact that HBFI can have in supporting SME homebuilders across the country.

"HBFI funding is critical for those builders who find access to finance difficult because of either their size, the location or both.

"At a time when we are experiencing significant housing challenges, the positive role being played by HBFI is so important.

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"I would like to wish Bridgewater Construction well in the development of this site and its future phases and look forward to seeing these homes being occupied with families and people who now have a foundation to build their lives upon."

Minister for Housing James Browne added: "Last year my Department confirmed €17m in funding for the delivery of 79 new Cost Rental homes and over €7m in funding to deliver 60 social homes by Respond AHB at nearby Waterfall Heights in Ardarostig.

"The apartments across both phases of the scheme are expected to be brought forward with the support of the Croí Cónaithe subvention - a vital measure that is helping to close viability gaps and ensure that these much-needed homes can be delivered for communities without delay."

Dara Deering, CEO of HBFI, stated: "HBFI is pleased to attend today's site visit with the Tánaiste and Minister for Finance and Bridgewater Homes. Waterfall Avenue is part of Bridgewater Homes' wider development at Bishopstown, where HBFI is supporting the delivery of a total of 410 units, across two development sites. This is a good example of how HBFI funding can support housebuilders such as Bridgewater Homes, which is providing much needed housing in the Cork City area."

Paul Barrett of Bridgewater Homes said: "Bridgewater Homes is pleased to welcome Tánaiste Simon Harris to Waterfall Avenue in Bishopstown. Waterfall Avenue marks the company's second residential development on Waterfall Road and represents a significant milestone in Bridgewater Homes's continued investment in the area.

"In partnership with Home Building Finance Ireland, Bridgewater Homes is delivering 164 A‑rated homes at Waterfall Avenue, helping to meet the growing demand for high‑quality, energy‑efficient housing in Bishopstown. This government-backed financing plays a vital role in ensuring a reliable pipeline of new homes for the community.

"The first completions in Waterfall Avenue are scheduled for Q4 2026 and the first completions for our third Bishopstown site, Waterfall Manor are scheduled for Q1 2027, with families expected to move in shortly thereafter."