The Port of Cork has confirmed it has got the backing of the Ireland Strategic Investment Fund (ISIF) for the multimillion-euro redevelopment of Tivoli docklands for new houses, offices and shopping centres.
It is expected that all container traffic will be relocated from Tivoli to the new €80m deep water quays in Ringaskiddy by 2020, which will open the way for a major redevelopment at Tivoli.
The Port of Cork enlisted the Royal Institute of Architects in Ireland to draw up plans for its landbank there. These include building 4,000 housing units, office blocks, shops and a railway station.
Port of Cork chief executive Brendan Keating said a memorandum of understanding had just been signed by his company and ISIF, which will assist them working through their masterplan for the redevelopment of the 180-acre Tivoli site.
“They are partners with us on the Ringaskiddy redevelopment and we have built up a very good working relationship with them,” the port chief executive said.
He said it is unlikely any major redevelopment of Tivoli docks will occur until at least 2025 and it could take up to seven years to complete.
He said his company will present its masterplan to Cork City Council and the local authority could then include it in its Local Area Plans, which are blueprints for future development in the area.
The site is an ideal location because of its proximity to the city centre and as the Cork-Midleton and Cork-Cobh railway lines run through it.
It would provide easy access for workers living in the city and in some towns and villages on its eastern outskirts.
Mr Keating said road access from the eastern and western sides will have to be improved prior to redevelopment. “It’s our ambition now that after 2025 the port will dispose of some of its equity in the site and use it for reinvestment in port infrastructure.”
He said talks with its tenants in Tivoli about relocating their businesses are “ongoing”.
Work has just got underway on the Ringaskiddy redevelopment and Mr Keating said the Port of Cork is now anxious to progress development the former IFI (Irish Fertiliser Industries) site at Marino Point, Cobh.
The Port of Cork has a 40% stake in Belvelly Marine Development Company, a new company set up to develop the site. The remaining 60% is owned by private company Lanber Holdings.
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