Plans for a new 21st century library on Dublin's Parnell Square have been announced by Dublin City Council.

The project would involve transforming Parnell Square North into a cultural hub, incorporating the Hugh Lane Gallery in front of a pedestrianised plaza.

The US-based real estate and investment company Kennedy Wilson is providing seed money of €2.5m on a philanthropic basis and will lead fundraising for the remaining cost of €60m.

The library would be built on the site of the Colaiste Mhuire building and on numbers 20 and 21 on the other side of the Hugh Lane Gallery providing a total of 11,000sq/m of cultural space.

It would provide a city library, which is currently housed in the ILAC centre, along with facilities for music, writing, and digital experience.

The plan would be part of the council's vision of a "Civic Spine" linking the major retail areas with a route running from Christchurch to Trinity College, O'Connell Street and onto Parnell Square.

It would also be part of the regeneration of Parnell Square, which is Dublin's oldest Georgian Square.

The council has promised connectivity to the planned DIT campus to be situated further north at Grangegorman.

Dublin's Lord Mayor Naoise Ó Muirí has called for the public to get involved in the consultation for the plan.

It is hoped to have a design team ready this summer and subject to planning to have the library open in 2017.