One Opera Square, a landmark project in Limerick City, has been officially launched by Minister for Finance Paschal Donohoe who described the development as a "brilliant example of what urban regeneration can look like".
The building is part of the wider Opera Square development at the heart of the city, which when completed will be home to a new state-of-the-art library, a hotel, offices and a civic plaza.
The project will place Limerick as an attractive location for companies and it has already generated FDI interest.
The €80m for One Opera Square has been funded through a joint venture between the Ireland Strategic Investment Fund and Limerick Twenty Thirty, developers of the project.
The commitment by ISIF is its biggest to date under its €500m regional city-specific investment programme launched three years ago to enhance the economic potential of Cork, Galway, Kilkenny, Limerick and Waterford and a cornerstone of ISIF's investment strategy.
ISIF also recently announced an additional €500m commitment to this investment programme, bringing total funding for regional cities to €1bn.
For Limerick Twenty Thirty, which was established almost a decade ago to develop key strategic sites in Limerick as catalysts for economic growth, this is the completion of its first development in the 3.7acre Opera Square project in Limerick city centre.
Minister Donohoe said, "I look forward to working with everyone here today regarding how we can support the development this entire campus and site. I really wanted to be here to recognise the importance of the project. It's a brilliant example of what urban regeneration can look like."
Barry O’Sullivan, chair of the joint venture 'Treaty Stone Partnership' said One Opera Square demonstrates what can be achieved when local ambition is matched with the scale and strength of investment vehicles such as ISIF.
It comprises 106,000 sq ft of office space across five floors with capacity for 1,000 employees, three ground-floor retail/restaurant units and underground car-parking.
ISIF Director Nick Ashmore said, "One Opera Square is an example of how strategic collaboration between national and local partners can help unlock economic potential".
Chair of Limerick Twenty Thirty James Collins has been a board member since before a block was laid for the development. "As a result of our progressive partnership with ISIF, here we are today with this world-class facility. So, this is a landmark moment on Limerick’s journey, facilitated by many and it is essential now that we continue this spirit of partnership in our other strategic projects."
Mayor of Limerick John Moran said, "We have big ambition in Limerick, to compete with other cities across Europe as the location choice for talent and business alike. To do that, we have to build a competitive offering in which to live, work and invest. Part of that is creating world-class workspaces and One Opera Square is a brilliant model for that".
