DIT, the State's largest education institution is to get a new home as part of €1 billion development in Dublin's north inner city.
The Taoiseach, Mr Ahern, described the project to centralise the Dublin Institute of Technology (DIT) on 73 acres of redeveloped land in Grangegorman as a project of "national strategic importance".
Around €750 million will be spent on centralising the DIT's from its 37 premises around the city into one location. Exchequer funding will account for nearly €200 million of the cost, while the DIT and commercial interests will account for around €250 million each. It is hoped that the remaining €52 million can to be raised from philanthropic donations.
On the same campus, around €220 million will be spent on day and residential care facilities for children with disabilities. A facility for geriatric care will also be based on the site.
A Bill to come before the Oireachtas was published today to give statutory effect to the Grangegorman Development Agency which will oversee the project.
The Departments of education and health, Dublin City Council, the DIT will be represented on the agency's board. A representative will also come from either the Northern Area Health Board or the Eastern Regional Health Authority.
The Minister for Education, Mr Dempsey said the project would take at least 10 years to realise and warned that cost projections are loose at this stage and are contingent on the terms of Public Private Partnerships and other deals.
Mr Demspey said over €4 million per year in rent would be saved by centralising the DIT while around €100 million would have been needed for refurbishment work on the Bolton Street and Kevin Street facilities.
The Minister said that by bringing many different agencies and commercial interests together he anticipated "innovative approaches" to the development of the project.
DIT is the State's largest education institution with around 22,000 students roughly split evenly between full- and part-time.
The project, which is in the Taoiseach's Dáil constituency, will redevelop large tracts of dereliction bringing recreational facilities and increased economic activity to the north Dublin area, said Mr Ahern.
"This is the biggest site of it kind in Dublin either north or south of the Liffey," he added.
The 73-acres site stretches is bound by the North Circular Road, Broadstone and Stoneybatter and is located on the site of St Brendan's Hospital.