A major urban renewal project near Dublin's Heuston Station that will transform a derelict warehouse site into a mix of social and private housing, office space and cultural facilities was announced today.
The development has an estimated potential value of €500 million.
The Minister for State at the Department of Finance, Mr Tom Parlon, said the Westgate project - which is to be Dublin's new western gateway - will be submitted for planning approval at the end of this week.
The four hectare site under consideration is currently jointly owned by Eircom and the Office of Public Works.
Mr Parlon said the project would act as a perfect balance to the Dublin Docklands Development Authority and the IFSC developments and would revitalise city living in the Heuston and Kilmainham areas.
Phase one of the planned project will incorporate one million square feet of office, residential, cultural and recreational space, and is expected to be worth €500 million when finished. There will be 650 apartments in the final design, with 20 per cent designated as social housing.
The office element will provide work space for around 5,000 people.
The total Westgate project comprises six hectares. Planning for phase two of the development - on a two-hectare site owned by the OPW - is expected to be lodged within the coming months.
Speaking at the launch today, Mr Parlon described Westgate as a unique opportunity to shape the future of Dublin and at the same time extract the maximum value from a State property.
Eircom chief executive Dr Phil Nolan said the site had the potential to "become a flagship development and a vibrant living and working quarter for thousands of Irish people."
The site is situated on the axis between the Royal Hospital in Kilmainham, the Museum of Modern Art and Collins Barracks. Residents will have elevated roadway access to the Phoenix Park and directly into Heuston Station.