Latest news with #CroíCónaithe
Irish Examiner
12-06-2025
- Business
- Irish Examiner
New development wave begins at Cork's Jacob's Island
The €750m development of Jacob's Island into a neighbourhood-scale Cork city suburban destination picked up pace this week as work got underway to build 149 apartments. The latest phase in the ambitious multi-phase Mahon peninsula project follows on from the official opening last month of the Crawford Centre, an apartment block that delivered 69 social homes, a creche and three ground-floor retail units. Virtual image of what Jacob's Island could look like when completed. The homes, built by OBR Construction on behalf of McCarthy Developments and approved housing body Respond, are already home to up to 200 tenants. Respond is also partnering on the 149-unit cost-rental scheme, which is expected to be completed in 27-31 months. It will bring the total number of homes on Jacob's Island up to about 650. However, plans for an additional 489 homes with another creche and 4,000sq m of office space were shot down in January when An Bord Pleanála went against its own inspector's recommendation and refused to give the go ahead, citing traffic concerns and concerns about dwelling mix. Speaking to the Irish Examiner, McCarthy Developments managing director Tom McCarthy said they have brought a judicial review against the board's decision. The masterplan for the Mahon peninsula area, driven by McCarthy Developments for more than two decades, aims to deliver 1,270 homes in the long term, housing 5,000 people. To date, c 440 homes have been built and all are occupied. The masterplan also proposes 20,000sq m of office space, as well as 595sq m of retail space (three retail units have just been completed); a 165-bed hotel, and a landmark 25-storey residential tower. 149 cost rental apartments are now under construction by OBR Construction Group and McCarthy Developments at Jacobs Island, Mahon. Picture Larry Cummins Permission was granted in 2023 for the hotel and 10,000sq m of office space, with a capital value of €100m. Mr McCarthy said they are awaiting greater certainty on the future of the 6,000-seater event centre, planned for the centre of Cork City, before starting work on the hotel. 'Everyone is waiting for the event centre. That will be the catalyst for the hotel to be built,' Mr McCarthy said. Permission for the landmark 25-storey tower with 220 units across two stepped blocks was granted in 2018 and has three years to run. Mr McCarthy said the introduction of government-backed schemes such as Croí Cónaithe and cost-rental will make the tower proposal more viable. The Croí Cónaithe (Cities) scheme - a fund to support the building of apartments - aims to bridge the viability gap between the build costs and the market sale price; cost-rental aims to make properties available for rent at about 25% below the local market rent. Both schemes are part of ongoing Government efforts to boost the supply of affordable housing at a time of severe housing shortages and growing numbers of homeless. Mr McCarthy said the market was crying out for more cost-rental schemes. Just one has been delivered to date in Cork City, at Lancaster Quay, where O'Callaghan Properties developed apartments on behalf of Clúid Housing. More cost-rental apartments are planned at Horgan's Quay, in a collaboration between developers BAM/Clarendon and the Land Development Agency, who is forward-funding the project. The LDA is also involved in a cost rental scheme in the Marina Quarter, where Glenveagh Properties are due to deliver 337 units in 2027. Mr McCarthy said Jacob's Island 'can be part of a solution to deliver more than 700 additional apartments' as it is set on 50 acres. The developer said Jacob's Island 'has the potential to be Cork's ultimate suburb'. 'It's one of the few Cork sites completely on the waterfront, with magnificent views. 'We have waterfront walkways, an 18-acre public park, easy access to major retail parks at Mahon Point, several significant employers in the area, super public transport, access to greenways, and brilliant connectivity,' Mr McCarthy said. The location is next to the N40, by the Jack Lynch Tunnel and close to the Dunkettle Interchange. Mr McCarthy said the scale and ambition for Jacob's Island 'should be realised through more efficient planning', 'so that new high-quality homes in this waterfront setting can provide Cork with a strong pipeline of talent to fuel industry, housing for cost-rental and social schemes, as well as bars, restaurants, a new hotel and several other amenities and services'.
The Journal
11-06-2025
- Business
- The Journal
Housing minister invites construction firms to express interest in building apartments
CONSTRUCTION FIRMS ARE invited to make an expression of interest for a funding scheme to boost the number of owner-occupier apartments being built in the country. Apartment construction has reportedly fallen flat in recent months, largely due to higher development costs. Housing minister James Browne believes the Croí Cónaithe scheme – which provides funding to bridge the viability gap between the cost of construction and market prices – can help to boost the number of completed units. Advertisement Building and development firms have today been invited to apply for the funding package, which provides additional money to construction companies for owner-occupier apartment projects. Speaking at a new apartment development in Dublin today, which was funded through the Croí Cónaithe scheme, the minister said the threshold for the scheme has been lowered recently from 40 to 20 units. 'I'm encouraging construction firms of all sizes to apply to the scheme and contribute to provided quality homes to our urban centres,' he said. The scheme – targeted at developments in Dublin, Cork, Galway, Limerick and Waterford – is one of the schemes that the government believes will boost apartment construction, as it aims to deliver 300,000 new homes by 2030 . Though current data suggests that the government will fall short of that target this year , the government believes new rent controls, announced yesterday, will help to invite developers back into the market and boost supply. Readers like you are keeping these stories free for everyone... A mix of advertising and supporting contributions helps keep paywalls away from valuable information like this article. Over 5,000 readers like you have already stepped up and support us with a monthly payment or a once-off donation. Learn More Support The Journal
