Council wants LDA to take over city redevelopment
Dublin City Council wants the Land Development Agency to take over the long-awaited redevelopment of the St Teresa's Gardens estate.
It also wants to sell off some of its lands on the site to fund the development of sports facilities, saying it does not have the funds to do this.
In a report, the council stated the sale of 0.13 hectares - or nearly 4% - of its lands at St Teresa's to a private developer could fund the development of a full-size playing pitch and new facilities for the Donore Boxing Club which have been promised as part of the masterplan.
The St Teresa's Regeneration is expected to deliver up to 850 homes and the council wants them to be 70% cost rental and 30% social.
The international property company Hines has purchased the adjacent Player Mills and Bailey Gibson sites - a former cigarette factory and the site of a former packaging plant - which front onto the South Circular Road.
Hines have applied to An Bord Pleanála to build 1,400 build-to-rent homes with 136 going to the city council under the Part V requirement.
The council is proposing to sell two additional plots of land to Hines for €9 million with this being paid through a mixture of cash, infrastructural works and land.
As part of the agreement the developer will aim to have the pitch and boxing club facilities built by the end of 2022.
In his report, Assistant Chief Executive Brendan Kenny said the council is in discussions with the Land Development Agency with a view to that agency taking over the development of the council lands and to deliver the housing on a turnkey basis.
"The Land Development Agency have a particular focus and expertise on Cost Rental Housing and are well positioned to access the necessary funding (borrowings) to produce such housing at affordable rent levels," he said.
"This should effectively prove to be the most efficient method for DCC to achieve its required social and affordable cost rental housing on these lands."
Altogether with the council lands, along with the Player Mills/Bailey Gibson site, there are nearly 12 hectares of land to be developed into a new city quarter.
A new park of 2.28 hectares would include the playing pitch which is planned to be the size of Croke Park, community facilities as well as the 2,250 homes.
Councillors will be asked next Monday to approve the sale of the council lands.