Rebuilding project for deprived suburbs to cost €1bn

THE bill for the State-sponsored redevelopment of Limerick's run-down suburbs will be at least €1bn, according to the man in charge of the project.

It is the first time a costing has been given to the mammoth project which will take until 2018 to complete.

Under the plans, 3,000 homes in the Moyross, Southill, St Mary's Park and Ballinacurra-Weston neighbourhoods are to be completely demolished and rebuilt.

Brendan Kenny, chief executive of Limerick's Regeneration Agencies, said there is no doubt that the cost for the project will "be high".

The State body hopes that the finance will come from public and private coffers.

"We are talking about serious funding, we are talking in the region of a billion (euros) I would expect at this stage, but we would be reluctant to put any figure on that at the moment," Mr Kenny said.

"We have said all the time without making reference to the cost that it will be an investment for the future.

"It will be over 10 years until 2018 before the whole thing is completed and we are here to see this through to 2018," he continued.

"There is a huge amount of money going into these areas. But yes, knocking down 3,000 houses and rebuilding 3,000 houses, there is serious investment needed there. But a lot of the investment will come from the private sector and we would hope that as the environment changes in these areas that more and more funding will come from the private sector," Mr Kenny added.

Despite the current economic gloom hanging over the country, the Limerick Regeneration Agencies have not been told that there are any restrictions regarding finance for their future plans.

Difficulties

"We are conscious that things are tighter than they have been in the past, but we have been getting no indications that there are any difficulties and we are still confident that the major resources will be given," Mr Kenny said.

"The major money for building and all that stuff is not required instantly. There is a lot of planning and design to be done yet. It will be well into 2009 before the construction begins."

The agencies are currently finalising three masterplans for the affected areas for the Government's approval.

"We know they (three masterplans) are probably going to Government at the most negative time over the last 10 years and it might take a bit of time before the masterplans will be approved.

"The masterplan gives confidence to everybody in the city and the communities involved. We will then move to the next phase which is implementation."

Barry Duggan
Irish Independent

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