Multi-national developers Hines and APG Asset Management plan to spend € 1.1 billion building 3,000 apartments for rent in Dublin.
The pair announced the plans on Monday, where they marked the beginning of construction of 1,269 apartments in Cherrywood town centre to the south of the capital.
Hines and APG said that they will invest €1.1 billion building around 3,000 apartments for rent across the greater Dublin area, expanding their original plans for investment in the city.
US-based Hines is the lead developer at Cherrywood and has spent two years putting in the infrastructure needed for the overall project.
The company announced that it had hired builders Sisk as the main contractor for the Cherrywood development, which will create 3,000 construction jobs when work it is at its peak.
Cherrywood will ultimately have 8,000 new homes, offices and shops and around 25,000 people will live there when it is completed.
Brian Moran, managing director of Hines’ Dublin office, said that he hoped the apartments would be the first of many building projects at the site.
“We would also like to acknowledge the collaborative role played by Dun Laoghaire Rathdown County Council in getting us to this historic milestone,” he said.
Speaking at the launch, the Minister for Housing, Eoghan Murphy, pointed out that Cherrywood’s special development zone status allowed major projects to be built quickly.
“It is officially the largest urban development in the State and in time will see approximately 8,000 new homes becoming available in the area,” he said.
REF: Irish Times