A new agency to promote and tackle obstacles to the development of Cork City's massive docklands area is to be established.
The Cork Docklands Delivery Office will be a joint venture between Cork City Council and the Land Development Agency and will be tasked to draw up a five-year strategy for the development of the docklands.
Cork City Docklands is the country's largest regeneration project.
It includes plans to develop over 146 hectares of land over a period of 20 years, with plans to accommodate a population of 25,000 and a workforce of 29,000 along with a student population of 3,700.
Significant funding is to be sought from Government under the Urban Regeneration and Development Fund for the work of the Delivery Office.
Taoiseach Micheál Martin said he is confident the new office will bring "many partners together for the benefit of the city".
"The scale of ambition which is being shown will drive investment and leverage new opportunities for Cork," he said.
The Lord Mayor of Cork Cllr Joe Kavanagh says it is a major step forward in unlocking the potential of Cork City Docklands.
"The new partnership and Delivery Office, which will be fully resourced, will build momentum and bolster the environment in which development can take place. Cork City Docklands will be a nationally and internationally renowned project."
The Minister for Housing, Local Government and Heritage, Darragh O'Brien said the new Delivery Office "is an important enabler for the regeneration of Cork's docklands".
The docklands area is already seeing extensive development.
Almost 83,000 sq/m of office space is under construction or complete, with over 12,000 sq/m in the planning process.
Some 1,600 residential units are currently in the planning process, while 136 hotel rooms have just been finished.
Cork City is set to become the fastest growing city in Ireland between now and 2040 under the National Planning Framework.
The Land Development Agency was set up in September 2018 with the aim to open up State owned land for development.