Monday 29 September 2008

Carroll came close to developing U2 tower in Dublin

The Dublin Docklands Development Authority (DDDA) and developer Liam Carroll had talks about a joint development of the U2 tower site and Carroll's adjoining site at Sir John Rogerson's Quay in Dublin, and went so far as to draw up a draft legal agreement in 2005 setting out the development plans for the sites. The agreement was never signed.

"The developer requires the Section 25 certificate which is to issue pursuant to the application... to allow a mixed-use development of 61,000 square metre gross internal area," the draft agreement stated.

"No deal was concluded," said a DDDA spokeswoman. She said the authority had no comment on why it agreed, at the developer's request, to a "direct agreement with any lending or funding institution or individuals providing finance to the developer".

Carroll took control of the site adjoining the U2 tower when he bought the then publicly-quoted Dunloe Ewart property company. He is now developing a new headquarters for State Street bank on part of the site.

The DDDA spokeswoman also said the authority had no comment on whether it still wants a connecting tunnel between the Dunloe and U2 sites, details of which are included in the draft agreement.

Reference was made to remediation works on the sites but the DDDA spokeswoman said that, because no deal was concluded, the question does not arise.

Work on the U2 tower has not yet begun. The Geranger consortium, comprising U2, Paddy McKillen and Ballymore, was chosen to develop the tower last October.

Sunday Tribune

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