Developer’s city building projects hit €200m mark

A TEN-STOREY development planned for the Savoy cinema site on Henry Street brings a low-key local developer’s projects in Limerick to almost €200 million.

Backing the hotel, shops and apartments plan is Limerick financier Michael Daly, who is also building the 14-storey Riverpoint apartment and office block - the city’s tallest project - at the Munchin’s House site near Jury’s Inn.

He was also the buyer of the €15-million-plus Castletroy Park Hotel with development potential on its lands, and is now adding a third string to his rapidly expanding Shannonside property portfolio.

He proposes building 95 apartments, a 100-bed hotel and 14 shop units over four floors at the three-quarter-acre Savoy site.

The total height of the planned Henry Street development is up to 10 storeys, with a number of individual units having their shopping area spread out on four levels from basement to second floor.

Users such as Habitat, Next and others will be targeted as tenants.

The Savoy cinema closed down following its multi-million euro acquisition by Mr Daly last year, ending a 70-year entertainment history in Limerick. It was capable of seating almost 1,500 patrons for live concerts and movies.

Accountant Michael Daly’s Fordmount Developments has signalled its intentions for the site on Henry Street/Bedford Row with a planning notice published yesterday.

The end-of-year capital allowances tax deadline for planning applications also saw another Limerick proposal for a 163-bed hotel, pool and five shop units at the Enterprise Development Park in Roxborough.

Meanwhile, Mr Daly’s Savoy site plans may see a €75m mixed use development in the city centre, a block away from the old Carlton cinema site, which is currently being redeveloped for retail and apartment use by high-profile developer/investor Aidan Brooks.

Mr Daly’s background is in accountancy, and he worked previously with Grant Thornton before stepping into a property development role on a large scale.

One of his first acquisitions was Munchin’s House in 2002, which he bought for €7.6m and pulled down to make way for the new 14-storey lofty addition to the city’s skyline.