In a year's time, if Martin Keane realises his dream for his Iveagh Market development, the historic Francis Street market will be Dublin's most vibrant and diverse shopping area.

The developer wants the market to be filled with an eclectic mix of crafts, organic food, clothes, bric-a-brac and antiques. There will also be two restaurants, art exhibitions, street theatre and, he hopes, the bustling ambience that makes good markets everywhere so exciting.

The model for the new Iveagh Markets is a combination of Covent Garden in London and the English Market in Cork. "I want it to very Irish," says Mr Keane, "a real showcase for Irish goods."

It's certainly going to be showcase on a grand scale. The redevelopment of the market, and a new hotel, will cost £15 million. Mr Keane has planning permission to develop two markets with a combined retail are of 70,000 sq ft.

"The main market will have 7,000 sq ft of retail space at ground floor level, which could be divided into 32 units. There will also be several stalls. This area has a large mezzanine which covers 3,500 sq ft divided into eight units, two of them restaurants.

Some of the retail units will also double as working studios so shoppers will be able to see crafts being made." The second market will be an enormous food hall covering 6,000 sq ft in 25 units.

There will be a bakery and an emphasis on organic food and, according to Mr Keane, most units will have seats outside where people can sit and eat their purchases. In addition to the fixed retail units there will be food stalls.

Michael Harrington of Palmer McCormack, the letting agents for the development, says letting will begin next April and he expects rents to average £20 to £30 a sq ft. Leases will be flexible in order to attract smaller retailers and there will be several week-to-week licences.

Martin Keane's retail plan is certainly ambitious but it will be difficult to successfully pull off. Crafts are a notoriously difficult retail area. Even the Crafts Council seems to have given up: it moved from a large and accessible outlet in the Powerscourt Centre in Dublin to a smaller anonymous space in DesignYard in Temple Bar.

Where crafts are concerned, it is difficult to strike the sort of balance that will appeal to both tourists and Irish shoppers. However as Temple Bar's Saturday food market has shown, there is an appetite for interesting home-made food from small Irish producers.

Depending on retail demand, there is scope for an additional 4,000 sq ft at basement level but the recent important archaeological find is likely to mean that the proposed opening date is more than a little ambitious.