The council run property development company Limerick Twenty Thirty (LTT) has signed a deal with the Technological University of The Shannon (TUS) to develop the 10-acre Cleeves Riverside Quarter.

LTT, was set up by Limerick City and County Council to plan and develop key strategic sites in Limerick City and County.

The deal with TUS, which operates seven campuses throughout Ireland’s Midwest and Midlands region, is to explore the potential development of a Higher Education campus including student accommodation, at the site.

Designs are already complete for the residential elements and public realm.

If it goes ahead it has been described as "a new neighbourhood for Limerick where people can live, learn, work and grow up in."

The TUS element, will be part funded by the Higher Education Authority (HEA).

The historic industrial site, which was once home to the famous Cleeves Toffee and the Condensed Milk Company, which had 3,000 employees, would say the LTT create "a new heartbeat for Limerick".

Next year the LTT will submit the first of its two phased planning application for the site on O’Callaghan Strand/North Circular Road famous for its 142ft red-bricked chimney stack.

Phase 1 will include public realm, housing and heritage works, with Phase 2 to include the LTT-TUS partnership.

When completed the campus would see up to 1,700 students located on the site.

In total, some 500 accommodation units will be in the overall development, with almost half of them student accommodation.

Conn Murray, Chairman of LTT said: “Our mandate is to be an enabler of economic growth in Limerick by developing ourselves or partnering with other developers to deliver key strategic sites that can act as catalysts for economic growth.

"This partnership with TUS, will be a brilliant proof point of what we are seeking to do.

"It will bring over 1,700 students into the city centre, which will help with the transformation of the city into one of the most vibrant urban centres in Ireland.

"TUS is a perfect partner for us on this and we look forward to working with them on this transformational project for Limerick.”

TUS President Professor Vincent Cunnane, said: “The mission of TUS is to be a catalyst for sustainable change through education and research that transforms lives, our region, and the world beyond. 

"Our participation in the Cleeves Riverside Quarter project is very much in line with this mission and our continued expansion. 

"LTT is a fitting  partner for us as we have shared goals,  and while there is much to do to realise this Cleeves Riverside Quarter project, we are committed to and passionate about its potential to deliver for Limerick, the Midwest region and beyond.”