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Ronan Group Real Estate (RGRE) from developer Johnny Ronan has begun construction on one of its most ambitious plans to date at Dublin Docks.
Located on 4.6 acres next to the 3 Arena, the Waterfront South Central scheme, upon completion, will comprise hundreds of apartments located within what RGRE describes as a “high-rise garden village in the heart of Dublin’s new waterfront district.”
Although Ronan already has planning permission for 420 apartments and 300,216 square feet (27,891 square meters) of offices on the site, he now aims to increase that number to 1,000 residential units spread over two towers that rise 40 and 44 stories in height respectively. .
At 155m, the tallest of these blocks would be the tallest building in Dublin, and more than three times the height of Liberty Hall (59.4m), and nearly twice the height of the 88m tower (23 floors) on Tara Street for which the developer obtained planning permission last year.
Although the revised RGRE proposal is currently the subject of a request to An Bord Pleanála within the framework of the Strategic Housing Development (SHD) process, the works to enable the scheme are already underway. The contract for this part of the project has been awarded to Roadbridge, who worked with Ronan on the development of the Ritz-Carlton Hotel in Co Wicklow.
RGRE and its funding partners Colony Capital acquired the Waterfront South Central site for 180 million euros in 2018.
Commenting on the beginning of its development, RGRE CEO Rory Williams said: “The core of the RGRE and Colony partnership is a vision for modern living and work spaces that are built to meet and exceed the demands. of the most dynamic and progressive people in the world. occupants.
“In line with these issues, and in close collaboration with the IDA, Waterfront South Central is specifically designed to respond to Dublin’s immediate and future needs and to lead the way in the city’s development.”
Outside of their partnership at Waterfront South Central, RGRE and Colony are involved together in delivering new European core campuses for Facebook and Salesforce.
As The Irish Times recently reported, RGRE and Colony have appointed Eastdil Secured to lead the search for a new long-term financial partner for their Fibonacci Square (Facebook HQ) and Spencer Place (Salesforce HQ) joint ventures, which will see RGRE and Colony retains an ownership interest in both buildings. The incoming financing partner is expected to fund other planned acquisitions as well.
Last year, RGRE began the process of refinancing parts of its investment portfolio, apart from its development line. Advisers have been appointed with “multiple expressions of interest” that are said to have been received.
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