The first steps have been taken to rezone the football pitch of former FAI Cup champions Drogheda United to residential use which could increase its value to €5 million.
The pitch is in a prime location adjacent to the Lourdes hospital and three minutes from the M1 motorway. If passed, the rezoning would be worth millions to the club which is seeking a new home on a greenfield pitch on the perimeter of the town.
The rezoning is one of 16 proposed variations to the development plan for Drogheda recently outlined to local councillors. Another is to reserve land for a new bridge crossing of the River Boyne on the west side of the town.
The rezoning of the three acre football pitch, which would make it worth around €2.8 million before a single housing unit is built, is also part of a plan to relocate the club to a huge land bank at Bryanstown, south of Drogheda, and in Co Meath.
It is anticipated that if the rezoning is passed, the club could then apply for a relatively high density development allowing it to boost its value to close to €5 million.
An application to build a 10,000-seat stadium, 5,000 houses as well as extensive leisure, sports and retail developments and a road linking the M1 with the old Dublin-Belfast road, is expected to be lodged with Meath County Council shortly.
Dublin developer Bill Doyle is reported to be behind the plans having acquired the 160 acres for €110 million last year.
However there are concerns about whether the property market remains buoyant enough to merit developing so many housing units close to Drogheda.
The rezoning of the football pitch is being proposed on the basis that the club will relocate to this new southside site.
The engineer for Drogheda has advised councillors that if they do not reserve land for the new bridge crossing, which would link the Rathmullen road to the Collon road at Loughboy, and the land is subsequently built on, then the bridge will probably never be built.
The road would provide a ring route around the western boundary of the town which has been identified as a strategic approach to Drogheda and one under increasing pressure from traffic and contributing to through traffic. The full list of variations will be put on public display later in the year.