Cabinet to approve 2024 completion date for Cork Event Centre
Taoiseach Micheál Martin and Housing Minister Darragh O’Brien will table a memorandum for approval by ministers which commits to the commencement of construction works later this year on the proposed 6,000 capacity venue on the city’s South Main Street.
The Cabinet will today approve a completion date of 2024 for the long-awaited Cork events centre, pledging €7 million to cover inflation and Covid delays, the can reveal.
Taoiseach Micheál Martin and Housing Minister Darragh O’Brien will table a memorandum for approval by ministers which commits to the commencement of construction works later this year on the proposed 6,000 capacity venue on the city’s South Main Street.
Ministers will today be told that the successful consortium behind the centre, Live Nation/BAM, has also committed €5 million for the delivery of a detailed design of the centre, which commenced in November 2021 and is expected to be concluded in June.
Cork City Council has significantly advanced the development of the project and is nearing the finalisation of the necessary Funding Agreement.
“Construction on the project is expected to commence in Q4 2022, with expected completion by end-2024,” the Cabinet will be told.
Described as a flagship project in the National Development Plan, it was agreed that it will receive co-funding of €50 million in grant aid which will be provided by the Government, along with an investment of €35m by the consortium following a tender process.
“An additional €7 million of Government funding has also been agreed to finance cost of construction inflation expenses arising from the delay in construction commencement due to the Covid-19 pandemic,” ministers will be told.
“Any final additional costs to the State related to construction inflation cannot be pre-determined until the detailed design of the project has been completed, and will be dealt with as part of the normal Estimates process,” the Taoiseach will inform the Cabinet.
The Department of Housing allocated €12.5 million in funding for the Cork Events Centre project in Budget 2022.
In March 2021, almost €400 million was provisionally allocated for Cork City Council’s successful Call 2 projects under the Urban Regeneration and Development Fund (URDF).
This is in addition to more than €3 million already approved for 4 projects under Call 1 in 2018.
