€1bn Burlington development gets go-ahead
Friday, 23 May 2008 17:38Developer Bernard McNamara has been granted planning permission for a €1bn development on a site that includes The Burlington Hotel in Dublin 4.
Mr McNamara earlier this week pulled out of five social housing regeneration projects around Dublin city.
The Burlington was one of Dublin's landmark hotels and first opened in 1972.
Last April last year Bernard McNamara bought the hotel for €288m.
Over time he also spent about €100m buying adjoining land that was formerly the headquarters of Allianz.
The hotel closed for business last January, but reopened again last month as the project had not yet been granted planning permission.
Today Dublin City Council approved a mixed-use development made up of offices, retail space, leisure facilities and a medical centre.
It is expected that the building project will begin in early 2009, after the planning appeal period with An Bord Pleanála.
Phase One of the project will involve 300,000 sq ft of office space on the old Allianz part of the site.
The project will have a public plaza and garden, and its end value is expected to be €1bn.
