NAMA is seeking bidders for an 80% stake in Dublin's Poolbeg Strategic Development Zone project which, it says, has the potential for 3,500 homes and 1m sq ft of commercial space.
The National Asset Management Agency invited expressions of interest regarding the lands located within the designated Poolbeg West Strategic Development Zone (SDZ) in what it called a "key milestone" for the project.
NAMA has asked interested parties, through an open market process, to subscribe for a majority 80% shareholding in Pembroke Ventures DAC, which is currently a NAMA group entity that owns the lands.
The land portfolio is approximately 37.2 acres at Pembroke in Dublin 4.
This latest stage comes after the Planning Scheme for the SDZ was formally adopted by An Bord Pleanála last April, allowing the fast-tracking of planning applications for development there.
According to NAMA, the site has the potential to deliver up to 3,500 residential homes - including 10% Part V and 15% social and affordable homes - and approximately 1 million sq ft of commercial development, as well as a school site and community and public open spaces.
NAMA Chairman Frank Daly and NAMA Chief Executive Brendan McDonagh said: “The development of Pembroke provides a unique opportunity to make a significant contribution to Dublin’s housing needs as it is one of the few large, centrally located development opportunities in Dublin City."
They said it represented "a key milestone in the progression of the commercial delivery strategy for the site, in line with our section 10 objectives”.
The request for expressions of interest document (REI) and the Pembroke brochure are available on www.PembrokeDublinFour.com and accessible via a link on www.nama.ie.
A planning application to provide the Phase 1 Enabling Infrastructure, which will facilitate the development of up to one-third of the site, has been lodged with Dublin City Council.
Details of the planning application and masterplan are available at www.PembrokeDublinFour.com and on www.dublincity.ie.
The latest development comes at the end of a process which began more than four years ago, beginning in January 2015 with the initial request from Dublin City Council to the Department of Housing relating to the designation of the lands as an SDZ.
In May 2016 came a Government order designating the 34 hectares in the western area of the Poolbeg Peninsula as a SDZ on the basis of their economic importance to the State and in October 2017 the local authority approved the Poolbeg West SDZ Planning Scheme.
Then last April An Bord Pleanála approved the Poolbeg West SDZ Planning Scheme, allowing for today's lodgement of first planning application for phase 1 infrastructure, including public open space.