WHAT now for the Opera Centre development, heralded one of the most expensive Celtic Tiger projects four years ago? Originally assembled for a massive €110 million, with a promise to have the Patrick Street/Rutland Street and Ellen Street area revamped with a state-of-the-art complex featuring entrances on three sides, the site, a victim of the recession, recently returned to the market for €12.5 million. The move on this urban regeneration is something that will be welcomed by many arms and ambits of the business and commercial community.
The secretary for the Shannon Region of the Irish Hotel Federation, Donncha Hurley, is delighted at the prospect and urged that the redevelopment should begin in earnest.
“I am delighted to see the regeneration of the area and hopefully, it will start shortly… the infrastructure of mix of residential and commercial development into the city is something we have been crying out for”.
The site, opposite Arthur’s Quay, was also to accommodate a sky bridge that would link the two sides of the street as the new centre would have been set to attract High Street brand names to what was to be the biggest shopping development in Munster.
But a word of caution was struck by Robert Adams, director and co-owner of Focus Consulting, who questioned whether this is a step too far for the local authority to take in acquiring the site.
“With budgets so tight, I wonder if it is wise for them to have such a massive development under their portfolio”.
Acknowledging that the while the site was bought at a knockdown price, “there would still be the need to develop this on some scale and not let it sit idle for a few years. It’s a question of whether or not a big commercial name can be brought in to buy their share”.
Mr Adams said that it might be more prudent to develop the site in phases, but still welcomed the fact that something could be done with it, “and help the commercial viability of the city centre. If it is to have any chance, people and shoppers need an incentive to come to the city and this could be it”.
Commenting on the mix of commercial and residential aspects of the proposed development, Mr Adams felt that adding “residential elements, most likely apartments or a student complex, would only displace the existing facilities available, and that it might be best to take it in stages and leave the residential elements out”.
The Limerick Post has been informed by a reliable source that Michael Tiernan, who put the Arthur’s Quay development together, is also excited about the project.
