Ireland’s National Asset Management Agency has selected developer Johnny Ronan and US investor Colony Capital to develop the Irish Glass Bottle site in Dublin.
The partners will acquire the 80% shareholding in Pembroke Ventures DAC, with Nama retaining 20%, to develop the 37-acre site in Dublin 4.
The former Irish Glass Bottle has been identified with the capacity for up to 3,500 residential homes and 1m sq ft of commercial space, with a school and public open spaces.
Dublin City Council designated the land as part of the Poolbeg West Strategic Development zone five years ago.
Last year, An Bord Pleanala approved the wider SDZ and Nama lodged plans for the public realm masterplan and phase one infrastructure. At the start of the year, Dublin City Council granted a 10-year permission for the masterplan.
Nama launched a search for a development partner last July, attracting interest from a number of international investors.
Nama chief executive Brendan McDonagh said: “The competitive process adopted was designed to achieve best financial return in line with the requirements of the Nama Act and facilitate delivery of much needed housing for the Dublin market in time.”
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