Hines, the privately owned global real estate investment firm with approximately $100bn (€85bn) of assets under management, is behind the application.
The new town centre would be built alongside the newly created Tully Park, which is currently under construction and equivalent in size to St Stephen’s Green. The plan comprises 1,269 build-to-rent apartments, as well as 585,000 square feet of retail and leisure outlets comprising shopping, restaurants and cafés. The firm said the town centre would be “pedestrian and bike friendly”, including a series of covered and open public spaces “that will be enlivened by an extensive choice of shops, bars, restaurants,” and a hotel.
Senior managing director of Hines Ireland, Brian Moran said: “The new town centre will be the beating heart of Cherrywood and the centrepiece of our vision for a dynamic living, shopping and amenity-rich urban environment serving thousands of new families, workers and visitors in the wider town.” Mr Moran said the open-plan apartment designs have been planned to incorporate the latest ideas on apartment living based on Hines experience in the US and Europe.
“This will make a significant impact in addressing the very high demand that currently exists in the Dublin residential market for one and two-bedroom apartments,” he added.
Mr Moran said combined with Tully Park, it would be an “unrivalled” place to live. “All these elements will combine to make for a highly accessible, walkable, green urban environment with great shopping, leisure and amenity options for all to enjoy. Cherrywood will be an unrivalled location for the many thousands of residents who will make this modern new town their home over the coming years.”
Hines said it would continue to work with Dun Laoghaire-Rathdown County Council via the Strategic Development Zone (SDZ) framework.
The proposed Cherrywood Town Centre will also be served by new bus routes to complement existing Dublin Bus services into the area as well as a bus link to the Shankill Dart station. The town will have over 150 charging points for electric vehicles.
Hines said construction would take three years, with 3,000 employed over the course of the various build stages. It said if granted planning permission, it hoped to start construction in the second quarter of next year and that eventually, Cherrywood town centre would be home to over 3,200 people, with the potential to accommodate 2,300 office staff and provide employment for more than 2,500 retail workers.