Trinity College Dublin has announced plans to build a new €1bn campus in Dublin's Docklands.
The plans for the Grand Canal Innovation District were launched today and the initiative aims to make Dublin ranked among the top 20 most innovative cities in the world by 2030.
It is hoped that up to 6,500 jobs will be created as a result of the project.
Trinity College is to build a new campus as part of the plans, which will act as the focal point for the district.
The college says around 1,500 construction workers will be needed to help build the project, while 5,000 jobs could come on stream following its development.
Speaking about the initiative, Taoiseach Leo Varadkar said: “I am really excited about this plan to further develop the Silicon Docks as an Innovation District involving a collaboration of business, Government and the university sector.
"It speaks eloquently to our vision of making Ireland the tech capital of Europe and our plans to ensure that the jobs of the future are created first here in Ireland. The development of the District will also help to ensure the continued balanced development of the area to the benefit of the local community.”
The Provost of Trinity, Dr Patrick Prendergast, said: “The presence of a world-class university at the heart of the Grand Canal Innovation District will be the catalyst for collaboration and partnership between industry and universities.
"I am therefore delighted to announce that Trinity has decided after much thought to commit to taking the historic step of developing a second campus dedicated to technology and innovation on a designated site adjacent to Grand Canal Quay and Macken Street in the heart of the district. This 5.5-acre site is ideally suited to the proposed use and will transform the existing area.”
Today’s launch also marked the start of a major local consultation process involving the key stakeholders in the vicinity such as international companies and Irish businesses based in the Grand Canal area, community representatives, government and state agencies as well as tech and business sector representatives and social and cultural bodies.
The consultation process will lead to the development of a masterplan proposal for the Grand Canal Innovation District which will be developed over the coming months.
Interested in learning more about the Grand Canal Innovation District? A new website with information, a video on the project along with other resources is available by visiting https://t.co/966Lf7zZZN#ProjectIreland2040 #GCInnovationDistrict pic.twitter.com/BNVh7Y0BEX— Tangent, Trinity’s Ideas Workspace (@TCDTangent) July 12, 2018