Another phase in the rejuvenation of the Parnell Street-Moore Street area of Dublin will be embarked on early in the new year when 220 apartments are built along the frontage of the ILAC shopping centre.
The apartment scheme will form part of the redevelopment of the ILAC centre, for which planning permission has already been granted by An Bord Pleanala.
Most of the apartments are large two-bedroom units and, according to Sean O'Brien of Irish Life, the design will allow adjoining apartments to be combined to accommodate larger families. The apartments will be located on five upper floors of a new block wrapped around the Moore Street-Parnell Street junction of the ILAC.
There will be a tripleheight building at the corner, which will have stores and a library. Irish Life has yet to decide whether to sell the apartment building rights or offer them as part payment to the construction company which will be the main contractor for the remodelling and extension of the ILAC. The apartment block will adjoin a mixed apartment and retail scheme completed two years ago along the Parnell Street frontage of the ILAC. It includes 160 apartments and 30,000 sq ft of retail space, which is let to companies including Argos, Burger King and an Aldi supermarket.
Moore Street and Parnell Street, for years one of the most rundown parts of the city, will undergo further rejuvenation next year when Shelbourne Developments proceeds with a £60 million hotel and retail complex. The Scottish property company, Morrison Developments plc, is taking a 50 per cent stake in the scheme, which will link up with the Carlton shopping and leisure centre to be built on the former Carlton cinema site on O'Connell Street.
The redevelopment of the ILAC is likely to intensify competition between Dublin city centre and the mega shopping centres in the suburbs. Under the planning permission approved by An Bord Pleanala, the ILAC will be able to increase the retail space by 40 per cent, moving from 220,000 to 320,000 sq ft and making it bigger than the nearby Jervis Centre. Much of the extra accommodation will be provided on a first-floor gallery, which will run along the central mall. The entire Moore Street mall is to be redeveloped to include a new store of 120,000 sq ft for Dunnes stores. The Irish multiple will trade at basement, ground and first-floor levels, with a supermarket as well as drapery and household departments. The company is to surrender its other store on the central mall in part exchange for the new "flagship" store.
The ILAC will continue to trade while it is being redeveloped.
Last year Irish Life sold a 30 per cent stake in the ILAC to the ESB Superannuation Fund for £30 million. The investment effectively means that the ESB is covering the cost of upgrading the 18-year-old centre.
