Hines, the international real estate firm, has warmly welcomed the decision by Dún Laoghaire-Rathdown County Council to approve plans for a new 2.1 million-square-foot town center development at Cherrywood. The €1 billion mixed-use development will include 1,269 build-to-rent apartments, 585,000 square feet of retail and office space, as well as high-amenity leisure space.
This approval now paves the way for the commencement later this year of the largest single urban development project in Ireland. Located between Cabinteely and Loughlinstown in South County Dublin, Cherrywood Town Centre will be constructed on an elevated site integrating the existing Luas stops of Cherrywood and Bride’s Glen. The dynamic new urban quarter will prioritize pedestrians and bike users, and will incorporate both covered and open public spaces, as well as an extensive array of shops, bars and restaurants, and a 200-room hotel and other leisure facilities.
It is expected that construction on the three-year project will commence in Q4 2018 and provide 3,000 construction jobs. Cherrywood Town Centre will, in time provide, housing for over 3,200 people; office accommodation for 2,300; and employment for an additional 2,500 retail and leisure workers.
The residential element of the Town Centre project is being developed in a joint venture agreement involving Hines and Dutch pension investor, APG Asset Management (APG).
Commenting on the Council’s planning approval, Brian Moran, Hines senior managing director, said, “We would like to thank Dún Laoghaire-Rathdown County Council for giving their stamp of approval to the Cherrywood Town project, which will form the centrepiece of the wider Cherrywood strategic development zone (SDZ).
“We can now bring to reality the great vision for this Town Centre – which will be a modern, vibrant and healthy urban environment for families, workers and visitors alike. Our new open-plan apartments will incorporate the latest designs in apartment living, and we believe the active streetscape environment has the potential to become the blueprint for future urban design in Ireland.
“Today’s announcement also comes as we complete construction of the first phase of our infrastructure development project at Cherrywood, which includes three brand-new flagship parks, a state-of-the art all-weather multipurpose pitch, six new tennis courts and a sports pavilion, 5.4 kilometres of roadways, pedestrian footpaths, cycle paths, greenways and over 3,000 trees.
“We are also delighted to announce that Hines has applied the principles of the internationally recognized WELL Community Standard to its design with a view to Cherrywood becoming the first WELL-certified development in Ireland and only the third in Europe. WELL is considered the premier global building standard and is viewed as a highly progressive means of supporting public health and well-being.
“Having all these elements in place will ensure that this will be a modern, healthy and dynamic community from the very beginning for the 25,000 people who will make Cherrywood their home over the coming years. We will continue to work in partnership with Dun Laoghaire-Rathdown County Council to that end."
In addition to the Town Centre project, Hines has just submitted a new planning application for 146 apartments, situated at the junction of Bishops Street and Tullyvale Road, its first application outside of the Town Centre. The apartments will consist of one, two and three-bed units built over four blocks.
Hines also recently submitted a separate planning application for the first new school within the Cherrywood development. The Primary School at Tully Park is designed to accommodate approximately 700 primary pupils in 24 south-facing classrooms, and will also consist of a dedicated special needs unit, a school hall, 192 bicycle spaces, green roofs, large outdoor play/courts area and sensory garden.
Hines is a privately owned global real estate investment firm founded in 1957 with a presence in 201 cities in 24 countries. Hines has approximately $111 billion of assets under management, including $60 billion for which Hines provides fiduciary investment management services, and $51 billion for which Hines provides third-party property-level services. The firm has 108 developments currently underway around the world. Historically, Hines has developed, redeveloped or acquired 1,295 properties, totaling over 422 million square feet. The firm’s current property and asset management portfolio includes 506 properties, representing over 210 million square feet. With extensive experience in investments across the risk spectrum and all property types, and a pioneering commitment to sustainability, Hines is one of the largest and most-respected real estate organizations in the world. Visit www.hines.com for more information.