Cork docklands developer behind 1,000-unit scheme won't give start date
The For Project Properties' The Viewed Uí A Páirc Quarter Of Docklands As Ambitious Near Marina Regeneration Chaoimh City’s Is Glenveagh Region Catalyst Vast
Developers with planning for a massive 1,000-unit residential scheme in Cork’s south docklands say they’re not ready yet to confirm a construction start date as pressure mounts on the government to help kick-start apartment building in the city.
Glenveagh Properties, which is backing the vast Marina Quarter project near Páirc Uí Chaoimh, a project viewed as a catalyst for the ambitious regeneration of the city’s docklands region, said a lot of work still needs to be done before it can confirm details like a start date.
It made its comments in the wake of a decision by the JCD Group to scrap its plans for a 25-storey residential tower on the former Sextant site because it said the project was not financially viable. It would have been the first residential apartment project of scale in the city since 2008.
BAM/Clarendon have yet to start building a 302-unit apartment scheme on their Horgan’s Quay site, work has yet to start on the 118-unit Railway Gardens project on the South Link Rd, on a 400-unit tower on Jacob’s Island, and work has stalled on an 88-unit project on Lancaster Quay.
Cork's docklands campus finding its feet after post-crash development hiatus. Docks Mark llhttps://t.co/sKcDT1zMoZ
— Tommy Barker (@TommyBarkerCork) March 19, 2021
The stagnation in this sector of the market has prompted renewed calls from Cork Chamber for State intervention to facilitate the delivery of private apartments in the city.
Glenveagh Properties’ Marina Quarter project, earmarked for the Ford distribution site which has been home to Live at the Marquee since 2005, was granted planning by An Bórd Pleanála in April.
It includes proposals to build 1,000 apartments in 12 blocks, some up to 14 storeys in height, targeted at the build-to-rent sector.
But there are concerns about the viability and affordability of the BTR sector in the wake of JCD’s decision.
Glenveagh didn’t respond directly to questions about its view on the viability and affordability of the Marina Quarter project.
In a statement, a spokesman said Glenveagh was delighted to have recently secured planning permission for the development.
“This is an important development for the regeneration of the Cork docklands, and we are excited about the future development of the site,” he said.
“As is normal for projects of this size, there is a significant amount of work that needs to take place before we are in a position to share full details of the scheme.”
But Fine Gael Cllr Des Cahill said it’s clear now that government needs to intervene.
“In recent days I have contacted the Minister for Finance Paschal Donohoe repeating the need to intervene and highlighted that urgent action is required by central government so that young people can buy a home,” he said.
“I have also spoken to the Tánaiste Leo Varadkar and outlined that a VAT reduction in a zoned area with strict conditions would be a game-changer to provide much-needed apartments in Cork city centre.
“At present central government is channelling the vast majority of its investment in housing towards social housing.
"I have agreed and supported the investment in social housing as it has been so necessary, but I feel that it is now paramount that there is equal investment across all aspects of housing.”