It will involved high-rise developments along a mile of the river bank between Shannon Bridge and Barrington’s Pier.
Apartments, a hotel and retail outlets will be developed on 50 acres, of which half will be reclaimed from the river.
Riverdeep Development, a consortium headed by engineer Ned Sheedy, yesterday met with senior officials of Limerick City Council and later announced their plans at a press conference.
Mr Sheedy said: “Much of the present day residential and retail area of Limerick was reclaimed from the Shannon, such as Arthur’s Quay, Howleys Quay and O’Callaghan Strand.”
He said some of the site area they intend to develop on was “no man’s land” with regard to title, although Limerick City Council owned a section of it which was acquired to build Condell Road.
Mr Sheedy said: “Our proposal is to build five piers in separate units. There will be a boardwalk on the river front and a roadway parallel with the existing Condell Road to give access.”
He said each unit would be a separate module and about 12 storeys high.
“This is the policy of the council with regard to riverside developments,” he said.
Mr Sheedy said the project could be up and running within 18 months if a number of issues can be resolved.
He said that as well as the city council, they will have to deal with the Office of Public Works, the Department of the Marine, Department of the Environment and the EU.
Mr Sheedy said they will identify architects through international competition and will then present a master plan to the city council.
Mr Sheedy said they were very conscious that the area is governed by conservation orders and a major nature reserve is located nearby.