The former Dublin Institute of Technology (DIT) on Kevin Street, now the site of a derelict, partially built office block, could come back into State ownership if an offer from Dublin City Council is accepted.
The council is understood to be among a small number of bidders who are vying to buy the site, for a sum understood to be about €100 million, with the sale expected be concluded by the end of the year.
The site already has planning permission for a mixed office and apartment scheme up to 14 storeys tall, and if successful the council could seek fresh permission for a largely residential development with the potential for hundreds of homes to be built on the site close to St Stephen’s Green.
The old college campus, which first opened more 130 years ago, was sold in 2019 as part of the move by the DIT, now TU Dublin, to its consolidated campus at Grangegorman, on the northside of the city.
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Developer Westridge Real Estate paid in the region of €145 million for the college site, almost twice the €80 million guide piece, on behalf of US investors, and in September 2021 secured planning permission for its redevelopment.
The scheme, called Camden Yard, involved the demolition of the college buildings and their replacement with a mixed development of two office blocks up to 11 storeys in height, and 299 build-to-rent apartments across three buildings up to 14 storeys tall.
Construction started in 2022 but stalled two years later, with the shell of just two storeys built. Late last year, funder BentallGreenOak appointed Grant Thornton as receivers to the project.
Green Party councillor Claire Byrne last May secured the backing of fellow councillors to write to Minister for Housing James Browne urging him to approve the purchase of the site “to provide much needed social, affordable and cost rental housing in this prime city centre location”.
In response the Minister’s department said it had “no direct interest in acquiring properties, as delivery is generally effected by its delivery partners”.
Another company Orange Capital Partners (OCP) was reported to be in negotiations to purchase the site since August, having submitted a €91 million offer – just above the €90 million guide price. However, this sale didn’t go ahead.
It is understood receivers are now considering a number of bids and hope to have selected a buyers by the end of the year.
Local Fianna Fáil councillor Rory Hogan said the project offered a “huge opportunity to provide much needed social, cost rental and affordable housing”, which was in short supply in the area.
Independent councillor Mannix Flynn said he would be in favour of the provision of additional housing on the site “but only if it stacks up. We can’t be reckless with public money and this could swallow hundreds of millions.”
