The development will also be a significant argument for redeveloping areas of the city centre and its immediate surroundings that may have become more or less derelict over recent years.
This decision, and the Albert Quay project, are just the kind of endorsements the region needs.
The stadium will have the potential to be much more than a sports arena though.
It may, in time host sports events other than those controlled by the GAA.
What a wonderful fillip it would be if the city could use the stadium to attract, say, a Munster European Cup match — and Munster rugby might reciprocate by hosting the Munster Hurling Final in Thomond Park.
Two possibilities that would make an already mouthwatering project even more attractive.