Galway City Tribune – Work on the abandoned Crown Square project in Mervue is expected to restart early next year, after Galway development company JJ Rhatigan signed contracts with receivers to take over the site again.
Developer Padraic Rhatigan confirmed to the Galway City Tribune that the deal to take back ownership of the site has been finalised with KPMG, the receivers appointed by NAMA (the National Asset Management Agency) in 2012. The site was abandoned in September 2008 following the economic crash.
A revised design is now being drawn up for a development which will be a mix of office space, a 170-bed hotel, several hundred residential units and ‘neighbourhood retail’ units. The investment will be in the order of €200m-€250m – significantly less than the €450m scheme originally envisaged for the site on the Monivea Road. A fresh application will be lodged in the fourth quarter of this year, Mr Rhatigan said.
“There will be residential in a certain proportion of it, there’s no doubt about that, but the quantum of that is under review at the moment. There will be a substantial commercial element in it, so it’s not going to be a shopping centre anymore,” he explained.
“The retail element will complement the residential and commercial – so more like a convenience store, possibly a coffee shop, pharmacy.
“We’d envisage commencing early next year – subject to planning, of course. It will be a two-and-a-half to three-year development, so very substantial.”