€2bn urban neighbourhood in Limerick city centre

Development of a €2 billion scheme with 10,000 homes in Limerick City moved a step closer on Friday after the State-sponsored Land Development Agency (LDA) outlined plans for the site.

The LDA, established to co-ordinate land within State control for optimal use, has signed a memorandum of understanding with Limerick City and County Council, the HSE and CIÉ to create a master plan for the brownfield site located at Limerick’s Colbert train station.

The 123 acre (50 hectare) site has the capacity for 10,000 homes, most of which will be apartments. With an expected cost of €200,000 per unit, the total residential element of the site will cost about €2 billion. It’s understood that the parties are looking at progressing the project on the basis of the site ownership staying as it currently is.

Chairman of the LDA, John Moran, said: “The initiative at Colbert Station represents a significant step forward for us in delivering on our nationwide remit to help harness the growth potential of cities throughout Ireland,” said Mr Moran.

“I am thrilled to see such ambition coming from our own team, the other stakeholders and signatories to embark on a project of this scale. Its city centre location at Limerick’s main regional and intercity transport hub will show the value of and deliver a very desirable “transit oriented development”. That form of development will be the key for the future to fostering cohesion and sustainable living in this new local community. Healthy living without car dependency can now become a reality for thousands of new residents in Limerick,” he added.

John Coleman, CEO of the LDA, said: “The area at Colbert Station provides the scale required to deliver transformative redevelopment projects which are at the core of the LDA’s mandate. The LDA is an agency with a national remit and the signing of this Memorandum of Understanding represents a significant step forward for the LDA’s footprint in cities outside Dublin.