There has been a broad welcome for a move to provide funding to allow Limerick City Council and the regeneration agencies to purchase a 3.2 acres derelict site in Limerick City centre known as the Opera Centre.
The site is spread across four streets - Michael St, Ellen St, Rutland St and Patrick St - in Limerick city centre and consists mostly of derelict Georgian buildings.
It was once valued at over €100m, but its estimated value is now put at €12.5m.
The site was taken over by NAMA in recent years and a bid by Limerick City Council to purchase the centre has now been accepted.
The site is regarded as a strategic development site in the centre of Limerick.
Limerick City council will now begin discussions with various public and private agencies about how best to use the development to enhance the city centre.
It is expected it will be a mixed use development, to include housing, civic and commercial uses.
Limerick Chamber of Commerce welcomed the news that the site is to be developed, saying the vacant centre had been an eyesore alone one of the main arteries into the city.
Chamber President Kieran McSweeney said it will allow local government to actively participate in driving local economic development.
