The Government has backed a proposal to create a new innovation district in Dublin's Grand Canal Dock area, where Trinity College is planning a new campus.

Trinity College owns the 5.5-acre plot and the Grand Canal Innovation District will aim to attract existing and start-up tech companies into the area, alongside university researchers.

The hub will cost up to €1 billion to develop. 

Trinity College unveiled its plans for the hub in June 2018 and a special Government-led advisory group was established.

The Grand Canal District Advisory Group has recommended a Government investment of €150m.

The plan is to develop an innovation district similar to those already set up in cities like Boston, Toronto, Rotterdam and Barcelona.

Speaking to RTÉ's News at One, Trinity's Chief Innovation and Enterprise Officer Dr Diarmuid O'Brien said: "The kind of model for this campus internationally is that private-public partnership model, where there is a cornerstone investment from the state and that gets matched by philanthropy enterprise funding and other pieces."

"We will be working now very closely with the Government over the next couple of months, to identify where that funding will come from and how that will enable the plans," he said. 

Dr O'Brien said that technology needs culture and there are aware of that, creating an interesting campus is important for them. 

He added: "We also see a very important role in culture in activating the campus, making it an interesting place for people to come and engage.

"I think Ireland has a lot to offer, it's not just about tax but what we are trying to do here is build strengths that we already have."

However, The St Andrews Resource Centre said the project has major implications for this area, which it said has already undergone dramatic changes over recent years.

The centre said international experience shows that innovation districts based on research campuses and high tech investors can crowd out, or drive out, local communities, especially traditional inner-city communities. 

They say for that reason, it was welcome that the Government set the needs of the local community as part of the priority objectives of the Advisory Group.

They say education, employment and above all social and affordable housing are crucial if the traditional community is not only to benefit from the planned Innovation District but even to survive.

The centre said guaranteeing that there will be no reduction in the stock of social housing in the area is an urgent first step.

In a statement the Government said while it has endorsed the vision of the Grand Canal Innovation District it added no decisions on a financial strategy for the Innovation District have been taken as yet. 

It said: "Any decision regarding Exchequer funding will be taken in compliance with the Public Spending Code."