At least 700 jobs are expected to be created at the Naas Shopping Centre in Co Kildare after the legal signing over of the development by NAMA to local businessman Ger Roche and his family's Roche Group.
New work has already started on the site, which was first started about 15 years ago and then abandoned.
The site is being fully cleaned, sealed, made safe and prepared for tenants with a planning application likely to be lodged with Kildare County Council in the first quarter of 2021 following pre-planning consultations.
Development works are expected to cost in the region of €10m and will employ 150 construction workers at the peak of the project.
It is anticipated that the construction and fit out of the property could be fully finished by late 2022.
The development will consist of a range of mixed-use occupiers ranging from retail outlets with supermarket anchor on the ground floor, mixed healthcare, office and educational uses on the upper floors, as well as about 70 apartment units for senior living.
There is also planning permission for 750 car parking spaces.
The Roche Group said that talks have started with a number of interested parties for a ground floor retail anchor tenant along with the other smaller units as well for the Forge and Five Lamps buildings.
It said it expects a conservative wage bill from the completed development will be at least €20m per year which will be made up from full and part time jobs in retail, educational, healthcare and office work as well as security, management and maintenance.
Ger Roche, the chief executive of the Roche Group, said he was committed to the rejuvenation of Naas Town Centre.
"We have considerable drive and determination to deliver this project for the good of the town and the Roche family will reverse the severe negative effect that the abandonment of this property has meant for the people of Naas," Mr Roche said.
"Plans for the development will be slightly changed from the original as we recognise that a range of new mixed uses are now more viable than the fully retail shopping centre as originally planned 15 years ago," he said.
"This is a complex reworking of the original scheme and involves a good deal of master planning with the support of Kildare County Council. We are confident this will be finished on time over the next 30 months," he added.
