Developers Flynn & O'Flaherty will have to pay more than €12m to Fingal County Council after it received the go-ahead for a new village at the former Phoenix Park racecourse in Ashtown in Dublin. The money will be paid in phases as a contribution towards the local authority's spending on public infrastructure and facilities that benefit the development.
Dubbed Park Village, the new scheme will have about 400 homes, a nine-storey 168-bedroom hotel, 23 shops, 20 office units, a medical centre, crèche and three restaurants and bars.
The village is part of a wider redevelopment of the 118-acre site which was acquired by the developer in 1998 in a €47m deal. The Phoenix Park racecourse closed in 1990. Former owners of the land include property developer Patrick Gallagher, whose empire later collapsed.
It was bought by US leisure company Ogden Group for about €12.7m in 1993, which later unveiled plans for a casino. The government decided against amending legislation to allow it go ahead.
The site was later bought by low-profile Flaherty O'Flynn, which developed the Pavilions shopping centre in Swords.