Cork Docklands Redevelopment Thread

O’Keeffe insists Cork docklands project a ‘priority’
By Eoin English - Thursday, July 29, 2010

THE regeneration of Cork’s sprawling docklands remains a government priority, the Minister for Enterprise, Trade and Innovation insisted yesterday.

The project will be discussed by the Cabinet in early September — the first meeting after the summer recess, Batt O’Keeffe revealed.

He was reacting to Fine Gael criticism of Dublin bias in the €39 billion Infrastructure Investment Priorities 2010-2016, announced on Monday.

Senator Jerry Buttimer said there are many developments in Cork which will require a significant amount of investment if they are to be implemented.

"It is questionable however, whether these project will now go ahead," he said.

He singled out the upgrades of the N25 Cork southern ring road, the N28 Cork to Ringaskiddy road, and funding for the Cork Docklands Eastern Gateway Bridge project.

"Economic studies have shown that if the Government invests in the region to the tune of €120 million to €200m, dividends of up to €680m can be obtained for the local economy per year," he said.

But Mr O’Keeffe said just because Cork projects didn’t feature in Monday’s announcement doesn’t mean that funding won’t be forthcoming.

More funding will be announced as the plan is rolled out, he said.

"The Government is committed to the docklands development. You can be sure that Minister Micheál Martin and myself will be to the forefront in ensuring that Cork gets its fair share," he said.

The minister was speaking before briefing the Brazilian Ambassador to Ireland, Pedro Fernando Brêtas Bastos, and João Carlos Parkinson de Castro, the head of the Economic and Trade Sections at the Brazilian embassy, at City Hall in Cork.

They were in the city to investigate potential locations for Brazilian companies to locate in Europe.

The briefing, attended by city manager Joe Gavin, representatives from Cork County Council, UCC, the Port of Cork and Cork Chamber, included presentations on the docklands vision and outlined the infrastructure and facilities available in the Cork Metropolitan Area.

Lord Mayor Michael O’Connell said it provided an excellent opportunity to showcase Cork as an excellent location for investment.

Mr O’Keeffe stressed the region’s road, rail and port infrastructure, its skilled workforce, the strengths of its third-level institutions, and highlighted the Tyndall’s reputation for research, development and innovation.

"We see Brazil as being a key area for our trade exploration in to the future," he said.

The minister also plans to lead a trade delegation to Brazil in the autumn to strengthen trade links.

State could save €177m on cost of docklands plan

By Eoin English
Wednesday, January 26, 2011

THE state could save €177 million in building costs if it invests now in vital infrastructure to kickstart Cork’s multi-billion docklands regeneration.

Read more: http://www.examiner.ie/ireland/state-could-save-177m-on-cost-of-docklands-plan-143198.html#ixzz1C6ToQmfY

It could save €20m alone on one of the most important projects — the Eastern Gateway Bridge — which was priced in 2007 at €80m but which could, because of the downturn, be built today for €60m.

The savings emerged following a preliminary review of providing infrastructure in docklands as part of a renewed effort by city officials to secure exchequer funding to facilitate development.

The ambitious redevelopment of the 400-acre region is one of the state’s biggest urban regeneration projects.

If it goes ahead as planned, the population of Cork docklands will increase from 500 to about 22,000 over 20 years. The regeneration is expected to create approximately 27,000 new jobs.

But state funding issues have stalled the delivery of bridges and roads which are vital to open the area up for development.

In an update briefing to city councillors on Monday, city manager Tim Lucey said a new funding mechanism will have to be found following the scrapping of the Gateway Innovation Fund (GIF).

The GIF was set up to target major projects between 2008-2010 to stimulate development in the so-called Gateway cities.

Cork City Council submitted a number of projects for consideration.

The Eastern Gateway Bridge, to link Tivoli to the south docks, and its associated approach roads, totalling some €80m at the time, were the city’s top priority.

However, as the recession deepened and the state’s finances began to collapse, GIF was deferred.

There is no mention of GIF funding in the Government’s National Recovery Plan 2011-2014.

"In view of the certainty around GIF, and the continued need to initially secure funds of about €2.5m to progress the design of the Eastern Gateway Bridge, such allocation is likely from the Department of Transport pending decisions on the innovation fund," Mr Lucey said.

"Accordingly, I have advised that department of the need for such funding to be considered as part of their decisions on road grant allocations.

"The economic case required to support the project application to the GIF in 2007 continues to be robust, regardless of which government department considers its merits.

"Indeed, at current estimated cost of €60m as opposed to the original GIF application cost of €80m, the case for investment in this bridge, and its associated approach roads, is further strengthened."

The Cork Docklands Development Forum recommends the state spend an estimated €615m on essential infrastructure and suggests the long-term benefits would out-weigh the short-term costs.

Mr Lucey said a preliminary review conducted by his officials, based on current and projected infrastructure development costs, shows a reduction in those costs of about €177m — or 25% — from €709m to €532m.

More sophisticated financial modelling is being undertaken by the Docklands Directorate.

Mr Lucey briefed Department of the Environment officials before Christmas on the progress the city council and private landowners have made in progressing the docklands project.

Councillors agreed to defer a debate on the manager’s update until the next council meeting in just under two weeks.

This appeared in the printed version of the Irish Examiner Wednesday, January 26, 2011


Read more: http://www.examiner.ie/ireland/state-could-save-177m-on-cost-of-docklands-plan-143198.html#ixzz1C6SqSrDO

1453 Fine Gael leader Enda Kenny has told businessmen in Cork his party will give full backing to the development of a major project in the city's docklands that could create thousands of jobs, and rival the IFSC in Dublin or Silicon Valley in California.

A economic assesment is to be carried out by Fine Gael in Government of possible options - that could range from financial services, to pharmaceucticals or software and technology development.

Speaking at the Silver Springs Convention centre Mr Kenny said : 'This is a great city, this is a great county. We would like you to know our vision for Cork can be signalled by an economic assessment which we have agreed to with part of the owners of the Cork Docklands about its future potential.
'That it might deliver in terms of thousands of jobs for Munster. To create a real flagship here in the south which will rival in many ways the IFSC in Dublin or other flagship enterprises in other European countries.'