Arnotts has secured planning permission for a €750 million redevelopment of its extensive landholding between Henry Street and Middle Abbey Street in Dublin.
Dublin City Council has approved the department store's ambitious plan to create a new shopping, entertainment and residential zone, called Northern Quarter, on a 5.5-acre site.
Permission for the regeneration scheme was granted by the council yesterday, subject to 30 conditions.
It is likely to be appealed to An Bord Pleanála.
The new quarter will include 47 shops, 14 cafes, restaurants and bars. Some 175 apartments and a 149-bedroom four-star hotel behind the former Independent Newspapers building on Middle Abbey Street will also be provided.
At the heart of the scheme will be new plaza located between Henry Street and Middle Abbey Street. the Arnotts store will have a new entrance onto this public square.
Prince's Street North will be extended and redeveloped as a prime shopping street, and a new pedestrian route will be created from Henry Street, through the existing GPO arcade and the extended Prince's Street, to Middle Abbey Street.
The scheme will range in height from three to 12 storeys, with a 15-storey tower element at the corner of Abbey Street and Liffey Street.
More than 600 car parking spaces will be provided.
The company hopes that work will begin on the scheme in the second half of next year. The announcement of a development partner for the plan is expected shortly.
Arnotts's chairman Richard Nesbitt said the project would "write the next chapter in the evolving history of Dublin city".
The plans were unveiled by Arnotts last year after the company spent an estimated €100 million buying many of the buildings between Henry Street, the GPO arcade, Middle Abbey Street and Liffey Street.
Arnotts also suggested last night that, in the long term, the project could "pave the way" for a possible new pedestrian bridge between the existing Ha'penny Bridge and O'Connell Bridge.
Objectors to the scheme included An Taisce, which said the overall bulk and size of the scheme, predominantly eight-storey, was "excessive".
The group also said the demolition of half of the 1890s Arnotts facade was not justified.
