Future inward investment in Limerick could be prejudiced by the absence of a vibrant city centre, an expert in the field of urban regeneration has warned.
Project director for Derry city's regeneration plan and the former CEO of Dublin Docklands Peter Coyne was speaking in Limerick yesterday at the unveiling of a new report entitled "Revitalisation of Urban Limerick."
The report was commissioned by the Atlantic Way in association with a number of bodies including the University of Limerick, Limerick City Council, the Limerick Chamber of Commerce, Shannon Development and the Limerick Co-Ordination Office.
It identifies possible revitalisation projects within the city and the necessary framework required for their achievement.
The report also offers a detailed analysis of the current barriers to future growth and success.
Mr Coyne warned of a possible "negative economic spiral" in Limerick city centre unless it is revitalised.
"Inward investment in the future is prejudiced by the absence of a vital city centre. A vibrant city centre is vital for any region," he said.
Mr Coyne said retail values in Limerick city centre were lower than in the periphery, which he described as "unprecedented" and a very dangerous economic indicator.
People were not coming in to the city centre at night-time, he said, pointing out that a failure to develop economic opportunities for the city centre would result in increased potential for anti-social activity.
The other author of the report, founding president of the University of Limerick Dr Edward Walsh, said it was clear from in-depth consultations with a range of organisations that Limerick's urban area was not achieving its potential.
The report is available on www.atlanticway.com