Limerick Twenty Thirty and the Ireland Strategic Investment Fund (ISIF) have announced a joint venture to finance the €80m development of the 3.7-acre Opera Square in Limerick city centre.
The project is the largest direct commitment by ISIF to date as part of its €500m investment programme for five regional cities (Cork, Galway, Kilkenny, Limerick and Waterford) announced last summer.
The programme is a cornerstone of the sovereign development fund's new investment strategy and will target "major investment" in each city in the form of new places to work and live and the regeneration of regional city centres.
Limerick Twenty Thirty, the property development vehicle of Limerick City and County Council, and ISIF have appointed John Sisk & Son to design and construct the 10,000 sq m Opera Square site-wide basement and the six-storey One Opera Square office building.
One Opera Square will be located at the corner of Michael Street and Ellen Street and comprise of six flexible-use floors that can accommodate several tenancies per floor and up to 1,000 employees.
In Association with
The development will also feature restaurant and retail units at ground level, an external seating area in the public square, external landscaped roof terraces, and cycle facilities for employees.
One Opera Square will be developed to achieve LEED Platinum accreditation, a Nearly Zero Energy Building (nZEB) rating, and WiredScore, ensuring it meets the highest international sustainability standards.
Demolition works on the project, including the stabilisation of 16 historic Georgian buildings on site for redevelopment, have commenced, and the development is expected to be completed by January 2025.
“This is a hugely significant moment for the wider Opera Square development, Limerick and, indeed, the Mid-West region," said Frances Foley, Mayor of the City and County of Limerick.
"This is the moment when we can finally say that, two decades after the redevelopment of this site was first mooted by the private sector, building is now finally underway.
"One Opera Square is one of the flagship projects in the Opera Square programme which, together with other private and public investments already underway in Limerick, is going to transform our city centre, setting it on a new course that will make it one of the most competitive and attractive locations in Europe to live, work and play in.”
Minister for Housing Darragh O'Brien commented that the development would be "transformative" for Limerick, adding that the government would fund "important regeneration projects" to tackle vacancy and derelictions.
Conn Murray, chairman of Limerick Twenty Thirty, stated that the development would be of "huge economic benefit for the city and region," and that ISIF's participation was "a major vote of confidence in the wider project and Limerick’s growth potential."
Nick Ashmore, director of ISIF, said: "This is an important step forward in our €500m investment programme to unlock the economic potential of Ireland’s five regional cities.
"We are delighted to show our backing for Limerick and the wider mid-west region with our biggest single investment to date from this programme. Our investment is about making Limerick an even better place for employers to create more jobs and making it an even more attractive place for people to work."
Pat Daly, CEO of Limerick City and County Council, said the works would "inject further momentum" into the region."
With the investment from ISIF, the European Investment Bank, and the Council of Europe Development Bank, the wider Opera Square project is now fully funded.
The works on the current contract comprise of the construction of the site-wide basement and the six-storey One Opera Square office building.
The basement will accommodate 155 car spaces including electronic charging spots, 323 bicycles and ancillary areas serving the buildings above.
Upon completion, the fully developed site will be capable of employing up to 3,000 people across a 450,000 sq ft campus.
Photo: A CGI rendering of One Opera Square. (Pic: Limerick Twenty Thirty)
