The firm, Hines, will get the ball rolling this week on a €2 billion town centre development in Cherrywood when they submit a planning application to Dun Laoghaire Rathdown Dublin County Council for a major road network investment for the new town. The company say they will eventually deliver 3,800 new homes. This first stage will create 150 new construction jobs when work begins next year.
Permission for 5.4 km of new roads is the initial request while additional applications for 3 large parks serving the new Cherrywood town are to be submitted in the coming weeks. The applications also propose the building of pedestrian footpaths, cycle paths and greenways and the planting of over 3,000 mature trees including oak and cherry varieties which will make for a well established landscape prior to people moving into the area. Tenders are underway with contractors to commence the multi-million euro construction project of the roads and parks in spring 2016.
Hines is a giant Texas based property company which considers itself it a specialist in building large-scale new residential communities. They have a proven track record of building complex retail, office and residential development. It has built three massive developments in Europe on a similar scale to Cherrywood, in Barcelona, Milan and Paris.
According to their website the Cherrywood development will, “redefine quality of life in Dublin, integrating homes and shops, work and transport, schools and parks in a positive, sustainable society like nowhere else in the capital. Hines has been working intensively to create a world class masterplan worthy of this superb site.”
The site, which is bigger than London’s Hyde Park, was acquired last year by Hines and King Street Capital for around €280 million. The lands were billed as “the most prominent underdeveloped land bank to ever come to market in this country”.
The prime Dublin site is expected to become a focal point for development in the city over the coming years, following the adoption previously of the Cherrywood Strategic Development Zone.
The development of Cherrywood has been described as of huge importance to the economy in terms of job creation and addressing the rapidly declining supply of office and housing space in Dublin.
The site falls within an area designated as a strategic development zone (SDZ) by the Government, deemed crucial to meeting the crippling demand for housing in south Dublin.
The SDZ is between the N11 dual carriageway and the M50 in an area under the authority of Dún Laoghaire Rathdown County Council (DLRCC).
Hines says it expects up to 30,000 people will live and work in the new town of Cherrywood, which will have four stops on the Luas Green Line and be adjacent to the city’s motorway network.