The Dublin Docklands Authority plans to spend at least €136 million improving the social environment of the capital's Docklands area over the next seven years as part of the regeneration of the east end of the city. This compares with an investment of €15 million last year.
Speaking at the launch of the authority's 2004 annual report chairman Lar Bradshaw said the most important part of the 15-year project is to create a series of sustainable communities that the people of Dublin want to live in.
"The success of this project will be measured not in terms of profits made, but rather how many jobs have been created, how many homes have been built, and most importantly, the sustainability of the city," he said.
The project was started in 1997, and has now reached its halfway point.
So far, more than 30,000 of the projected 40,000 jobs have been created, 17,000 new residential properties have been built and the area along the east end of the River Liffey has been transformed from a derelict mass of land to a desirable home for multinational companies.
"The momentum behind the project is unstoppable but there is still a lot to do," said Mr Bradshaw, adding that it was on track to be completed as planned in 2012.
The authority's accounts show it had sales of €25.7 million in 2004, up from €17 million in the prior year. The majority of the group's revenue came from the Grand Canal Dock area, where during the year more than 73,000 square metres of office and living space was developed.
The Docklands Authority had an operating surplus of €11.8 million and spent €15 million on development and regeneration, making an overall deficit for the year of €2.74 million. The value of its property and land stood at €98.4 million at the end of 2004, up from €22.5 million at the start of the project in 1997.
Environment minister Dick Roche welcomed the authority's progress, saying he was "hugely enthusiastic" about the ongoing development. "What has been achieved is truly remarkable," he said. "It makes a statement about modern Ireland and how we want our city to be."
One of the main focuses of the project's remaining seven years will be to encourage more families to move into the area, said Paul Mahoney, the authority's new chief executive, who took up the position in May. As part of this initiative it is developing parks, building libraries, a new school and larger apartments designed for family living.
In addition, Mr Bradshaw said he is optimistic that the troubled Abbey Theatre will accept the offer of land in George's Dock and relocate to the Docklands.
