Dublin City Council has terminated the Croke Villas Public Private Partnership procurement process, blaming the economic downturn for its decision.

The council's Housing and Residential Services Department is expected to recommend to the Project Board, made up of council officials; the Environment Department; and the National Development Finance Agency to drop the 30 unit social housing project.

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A council spokeswoman said today: "While a preferred bidder was chosen, it was not possible to conclude the negotiations with the preferred bidder. The prevailing economic climate and the global credit crunch were major factors that adversely affected this project."

The council said it had informed the Croke Villas Regeneration Group and remained fully committed to the residents and the regeneration of the area.

Dublin City Council is now expected examine all regeneration options available for the site.

(PR)