Dublin Airport plans to invest €4 billion to redevelop 350 acres into a business and retail park over the next twenty years.
The outline of the proposal was unveiled by the Dublin Airport Authority and the outgoing Taoiseach Bertie Ahern in Dublin today.
Entitled "Dublin's Airport City", the project aims to create 10,000 new jobs in 600,000 sqare meters of office space to the east of the airport with a further 40,000 sqare meters of retail and hotel space.
A third-level institute for research and training in aviation services is also included in the plan.
Mr Ahern said the plan would "deliver a vibrant new economic hub" for the city and would create "one of Europe's premier airport economic zones".
The project has been planned by architectural firm HOK and the financial advisors as Rothschild and KPMG.
The new development will be integrated with Fingal County Council's 2006 local area plan and the Government and the DAA plan to "explore how best to optimise the planning process" to deliver the project.
No details in relation to funding were revealed. However, the project will be funded independently of the Terminal 2 development under way at the airport.
DAA chief executive Declan Collier said grouping travel-intensive businesses near the airport would sustain its ongoing development.
The project will be developed in 5-year stages and each building will be environmentally sustainable "to ensure the development is self-sustaining".
The DAA said it planned to use this to attract companies that are focused on sustainable growth.
Access to and from the new development will be via a "high speed automated people mover linking with the Metro" at the airport. The DAA says this will allow staff in the new zone to get from their office to check in at the airport in six minutes.
