Construction BUSINESS

Mayor of Limerick John Moran has said the success of One Opera Square is a clear signal that Limerick is ready to compete on the global stage.

Speaking at the ‘topping out ceremony’ after the €80m One Opera Square project reached roof level on time and on budget, Chairman of Treaty Stone Partnership Barry O’Sullivan said that the development will be a catalyst for the regeneration of the prominent city centre block.

The project will be an employment hub for 1,000 people and it will be the first commercial building in the Mid-West to achieve this level of sustainable design accreditation. It will, he added, be an international model for ‘impact investing’.

When completed in April 2025 the building will comprise over 106,000sq.ft of Grade A office space over 5 floors with a capacity of 1000 employees. It also has 3 restaurant/retail units at the ground floor level.

Work on the wider 3.7acre landmark Opera Square commercial development – one of the largest city centre build projects undertaken in Ireland outside of Dublin – commenced three years ago and is targeted for completion in 2027. The programme so far has involved the largest demolition and enabling works undertaken in Limerick, including navigating delicate works around retaining 16 of 18 Georgian buildings as well as archaeological features, including old walls, caverns and vaults.

Speaking at the ceremony, Mayor of Limerick John Moran said, “One Opera Square is a testament to Limerick’s vision and ambition. This development not only sets the highest benchmark for office space in the Mid West it also underscores our commitment to sustainable and impactful urban regeneration. It is a proud moment for our city, showcasing our ability to deliver world-class projects that attract investment and create significant employment opportunities. The success of One Opera Square is a clear signal that Limerick is ready to compete on the global stage.”

Treaty Stone Partnership Chairman Barry O’Sullivan stated, “One Opera Square is a new standard of commercial office space for Limerick city and will enable us to compete at the highest level for inward investment, in turn continuing the ongoing revitalisation of the city centre. The standards we have set for this project will make it an international exemplar in impact investing, which is about delivering investments that will trigger social or environmental benefits, while also generating financial gains. One Opera Square will tick all three boxes. At European level, our Joint Venture Partner ISIF has recently been awarded the Impacting Investor of the Year Award for their commitment to this project so that illustrates what we are going to achieve here.”

Sarah Hickey Senior Investment Director at the Ireland Strategic Investment Fund (ISIF) said “ISIF’s investment in One Opera Square is an important component of its €500m investment programme to unlock the economic potential of Ireland’s 5 regional cities, announced in 2022. The partnership with Limerick Twenty Thirty will support the Mid-West region to become an even better place for employers to create jobs, making it an even more attractive place for people to live and work.

As a long term, patient investor, with a mandate to invest commercially and in a manner designed to support economic activity and employment in the State, ISIF worked collaboratively with multiple stakeholders on this project, to unlock other sources of funding which helped to enable delivery of the ambitious scheme. Its work in this regard was recently awarded “Impacting Investor of the Year 2024” at the GRI Europe Awards and ISIF looks forward to continuing to work with Limerick Twenty Thirty, as Opera Square prepares to officially open in April next year.”

David Conway, CEO of Limerick Twenty Thirty said, “The team here is pushing the boundaries of excellence with One Opera Square so that Limerick has something at a level that it never had before. It will meet leading international standards of sustainability, user wellness and IT interconnectivity. Specifically, it will achieve LEED, WELL and Wiredscore Platinum accreditation. The vision, patience and determination of the wider team and contractors to achieve this in a complex project that includes retention of 16 Georgian buildings is testament to the people involved. When One Opera Square is completed in April 2025 it will be an exemplary case study in terms of sustainable development. Through exceptional design and onsite amenities, it will provide a working environment for companies looking to attract and retain talent.”

The project is being built by main contractor, Sisk and was designed by Coady Architects, One Opera Square will enable occupiers to achieve their Net Zero Carbon goals by being one of the most sustainable workplaces in the world using 60% less energy than the average building. The building is EU Taxonomy Compliant and meets the highest sustainability, efficiency and digital connectivity standards achieving the top accreditation possible including LEED Platinum, WiredScore Platinum and WELL Platinum.

The wider Opera Square development is one of the largest regeneration projects outside of Dublin. On completion, Opera Square will include a landmark 14 storey office building, a world class civic plaza, a new city library, a hotel and apartments with retail and restaurant units at ground floor level. The new buildings and civic plaza will be integrated with some existing Georgian buildings which will also be refurbished.

Colin O’Grady, Commercial Director, Sisk, said: “We are delighted to achieve this milestone at One Opera Square. The project so far has involved large demolition and enabling works including navigating delicate works around retaining 16 of 18 Georgian buildings as well as archaeological features. Sisk is committed to delivering Limerick Twenty Thirty’s decarbonisation goals at One Opera Square and building upon our reputation in the Midwest region.”

Director General of Limerick City and County Council Dr Pat Daly added: “One Opera Square is a testament to Limerick’s vision for sustainable and innovative urban development. This project not only sets a new benchmark for office spaces in the Mid West but also exemplifies our commitment to creating a vibrant, future-ready city. We are proud to see this milestone achieved on time and on budget, and we look forward to the positive impact it will have on our community and economy.”

Mayor of Limerick John Moran has unveiled an ambitious shared vision for the future of Limerick City and County with the publication (14 October) of the Limerick Mayoral Programme 2024-2029, titled More for Limerick.

This comprehensive 134-page document outlines the Mayor’s vision and objectives for his term in office, as mandated by the Local Government (Mayor of Limerick) and Miscellaneous Provisions Act 2024.

The document notes ‘redevelopment of key strategic brownfield sites in the city centre is vital for Limerick’s urban revitalisation. Projects such as Opera Square, Cleeves Riverside Quarter, the University of Limerick Riverside Campus, Colbert Quarter and the Docklands can transform our city’.

Limerick 2030 is listed as a priority action to ‘Drive on the Limerick 2030 DAC projects. Make substantial progress on the Opera site, including securing funding and design work for the new public library. Advance the development of the Cleeves site and establish a new shareholder representation framework for managing the governance of the Limerick 2030 DAC.’

The document adds to attract more foreign direct investment in Limerick, we will have to:

Complete the Opera Centre office space so as to be able to offer more quality office accommodation in urban locations in Limerick and seek funding to design and secure planning permission for similar office space at new transport nodes like Moyross and the Parkway. Work with Shannon Foynes Port Company to see completion of the Bannatyne Mills office development.

Host a semi-annual meeting with the IDA and the CEO’s of the largest FDI and indigenous companies operating in Limerick to consider actions, which can be taken to continue to grow the scale of FDI operations in Limerick inter-trading with the indigenous companies

Work with the IDA to identify the next state-of-the-art business park of scale for Limerick and expand land or buildings available for business parks and innovation hubs which can service as landing space for companies in key county towns.

In the document Moran states that; “effective management of land, buildings, and infrastructure is at the heart of our strategy. By employing innovative financing methods, we can fund development projects without placing a burden on taxpayers. This ensures that our investments are both sustainable and impactful.

Adding that “Limerick’s unique advantage lies in its own development companies, Limerick 2030 DAC, and Discover Limerick DAC, each of which enables us to leverage our assets in ways that no other Irish local Authority can.”

To leverage public wealth of Limerick the document notes Limerick will need to introduce mechanisms to improve public finances sources and also use public-private partnerships that encourage the private sector to invest in the development of public assets, such as revitalising old buildings, improving transportation networks and creating green spaces.