A NEW YORK-based performing arts school will be one of the main tenants in Temple Bar's very own west end.
The TISCH School of the Arts, which trained Oliver Stone, Spike Lee and Alec Baldwin, will begin an Irish programme from next January, with 30 students studying in Dublin each semester.
The school is leasing administrative offices as well as 10 apartments in the area between Parliament Street and Fishamble Street, which has been renamed the "Old City".
The area, which includes five apartment schemes and 27 retail and office units, is centred on a new street, Cow's Lane, which runs from Lord Edward Street to Essex Street West and will open next January.
Temple Bar Properties says it has already let more than 50 per cent of the commercial property in the area, which attracts tax incentives such as rates exemption and double rent allowances. These incentives are only available to newly signed lease holders until the end of December.
When completed by next February, the area will have 191 apartments catering for about 800 residents.
Significantly, Temple Bar Properties has not sought planning permission for bars or restaurants which have proliferated in the rest of Temple Bar much to of disappointment of many residents.
"The Old City vision is to have a settled large residential community in a city centre enclave," says Una Carmody from Temple Bar Properties. "We have provided an awful lot of software, like roof gardens, bicycle parks and a district heating system which will recycle energy from the Civic Offices. We want the Old City to be a residential community and it wouldn't be appropriate to have bars and restaurants."
Among the retail businesses due to open in the area are a retro furniture shop, a bakery and a 20th century jewellery and antique silver specialist. Cuan Hanly's menswear designer and bespoke suiting shop is due to open next month and Garret O'Hagan - who owns the HAUS furniture and design shop in the Green Building on Temple Lane South - will open a kitchen shop retailing Bulthaup kitchens from Germany.
The remaining retail units range from 300 sq ft to 700 sq ft and are available at rents of £25 to £30 per sq ft per year. Cultural organisations will be offered a discounted rate of about £18 to £20 per sq ft per year, according to Ms Carmody.
All the newly built commercial property will be exempt from rates for ten years. So, on a 1,000 sq ft premises, the lease holder could save approximately £6,000 per year for ten years.
The double rent allowance means that double the amount of rent paid can be offset against Corporation Tax or general trading income in the case of a sole trader for ten years.
"We are very open to people's ideas and offers and we particularly like owner-managed businesses," said Ms Carmody. "We don't let to chain stores and we have a distinct preference for, for example, people starting a new line of business. This is not an area with a huge retail history and therefore it would suit `destination shops' for people not relying on passing trade."
The 17-apartment Wooden Building block will include a 30-place 2,500 sq ft creche with a courtyard play area. The creche will be run by Cogan Childcare Consultants who operate several other shopping centre creches as well as two day care centres in Cork. The company is currently taking inquiries for places in the Old City creche which is due to open next January. Several cultural organisations have let office spaces in the area, including Cothu, the Business Council for the Arts as well as the Eircom Dublin Theatre Festival.
Temple Bar Properties is currently inviting applications from companies for three 600 sq ft media units on West Essex Street for organisations working in film, music, TV or multi-media. The rate for these offices is about £18 per sq ft per year. The demand for the area's apartments, all of which attract Section 23 tax incentives, has been very strong, according to Ms Carmody.
The second of five apartment schemes, the 29-unit Saul's Court block, was sold off the plans last month. Prices for 500 sq ft one bedroom apartments started at £170,000, while two bedroom apartments started at £220,000. The most expensive apartment in the block, which was designed by O'Down O'Herlihy Horan, was a 1,300 sq ft penthouse with two balconies which sold for £390,000.
Ms Carmody says the demand from investors for the apartments has been huge, but Temple Bar Properties has tried to maintain a balance of 60 per cent owner-occupier as opposed to 40 per cent investors.
