The grounds of the former Mungret College in Limerick has the potential to house approximately 850 resident units, it has been announced.
The announcement is one of the largest planned residential projects outside Dublin and Limerick City and County Council are now embarking on planning the site and seeking planning permission.
Limerick Twenty Thirty, a wholly owned subsidiary of the council, hopes the units will strengthen economic development in the area.
The 60-acre site is located on the grounds of the former Mungret College and associated buildings. The 200 unit first phase of the development is expected to be completed by end of 2021.
Mungret is a priority area within the Limerick Metropolitan district and is a zoned urban extension of Limerick city under the Southern Environs Local Area Plan.
The site has recently received approval for funding through the Local Infrastructure Housing Activation Fund (LIHAF) for a distributor road through Mungret, which will unlock substantial lands within public and private ownership and trigger the development of additional residential sites, supporting community and employment uses.
Welcoming the announcement, Mayor of the City and County of Limerick Stephen Keary described the announcement as "very positive news for Limerick".
"The ongoing economic resurgence here over recent years has turned a lot of heads nationally and, indeed, internationally. We are now emerging with one of the most ambitious housing projects in the State," he said.
CEO of Limerick Twenty Thirty David Conway said: “This is another very positive step in the rapid advancement of Limerick City and County as a leading location to live, work and invest in.
“This will be a particularly attractive residential development. The development will fit into an outstanding location that comes with already developed schools, a public park, playground area and existing residential."
Limerick Twenty Thirty is also continuing office developments in the city as a 100,000 sq. ft development will open next year on Henry Street.
This office will accommodate 800 posts.
A Part 8 planning process by Limerick City and County Council is being advanced for the 550,000 sq. ft. Opera Site, which will be developed over a six-year period.
“Thousands of jobs will be located across these two facilities alone and the exciting Mungret development, together with other city centre and countywide private and public residential investments, will ensure the required housing/residential stock is available to accommodate Limerick’s housing needs.
"It will help ensure the ongoing Limerick renaissance, which we can all be proud of and excited about, is maintained," Mr Conway added.