A LOCAL developer has shelved plans to sell a shopping centre in the heart of the city in favour of a multi-million euro revamp that could see massive new life and opportunity breathed into Limerick.
Tiernan Properties, who built and have owned Arthur’s Quay Shopping Centre since it first opened in 1989, have abandoned previous plans to sell the site, with hopes now instead pointed at a €200million complete redevelopment of the centre.
The works will see a tripling of the current retail space, as well as an additional 300 private, social, and affordable apartments.
As well as the retail and residential offering, its understood there are also plans for a cinema and a bowling alley, a first for the city centre in many years.
Developer Michael Tiernan placed Arthur’s Quay Shopping Centre on the market last March, with a price tag of €15million, citing his decision to retire and hand the baton to someone new.
The hope is now that the shopping centre can play a key role in plans for Limerick City and County Council’s proposed redevelopment of the waterfront area, as part of the Arthur’s Quay Framework project, which received €115million in funding from the Urban Regeneration and Development Funding (URDF) in 2021.
Mr Tiernan told the Sunday Independent that the plans to scrap the sale in part were due to the framework plan.
“With the framework plan, we decided to abandon the sale,” he said.
“We’re dealing with various partners – including approved housing bodies – for social, affordable, cost-rental, and private apartments.”
It is thought that the Arthur’s Quay redevelopment will be based off the bustling St James Quarter shopping centre in Edinburgh.
The development opened in 2021 on the site of the former St James Centre, and has 850,000 square foot of retail space, a cinema, an aparthotel, a luxury hotel, and a ‘neon’ bowling alley, as well as shops, bars, and restaurants.
It is expected that Tiernan Properties will submit a planning application to Limerick City and County Council by the end of the year.
When contacted by the Limerick Post to find out more about the plans, a representative for Tiernan Properties said the company had no further comment to add at this time.
A spokesman for Limerick City and County Council said that it is working with landowners in the area and hopes that a draft framework plan for the Arthur’s Quay area will be open for public consultation in the summer.
“The Arthur’s Quay Framework is being developed to meet the ambitious objectives of the Limerick 2030 Plan, and to provide a place-based approach and guidance for the re-development of the area to include new commercial, residential uses, and public spaces for the city,” the spokesman said.
“This framework forms part of the World Class Waterfront project, funded through the Urban Regeneration and Development, and the council will be seeking to implement the infrastructure works to support the private sector development, including the creation of new public space.
“The council welcomes the support and extensive engagement with the landowners in the area and will be continuing to work with landowners as the framework progresses over the coming month and to realise the potential of the overall plan,” the spokesman concluded.
