The official launch of Limerick’s One Opera Square today highlights how strategic partnerships between sovereign development funds and local government can support the unlocking of Ireland’s regional economic potential, the launch of the landmark project heard.
Barry O’Sullivan, Chair of the 50:50, €80m ‘Treaty Stone Partnership’ joint venture between the Ireland Strategic Investment Fund (ISIF) and Limerick Twenty Thirty DAC, said that the €80m development, delivered on budget, demonstrates what can be achieved when local ambition is matched with the scale and strength of investment vehicles such as ISIF.
The commitment by ISIF is its biggest to date under its €500m regional city-specific investment programme launched three years ago to enhance the economic potential of Cork, Galway, Kilkenny, Limerick and Waterford and a cornerstone of ISIF’s investment strategy. ISIF also recently announced an additional €500m commitment to this investment programme, bringing total funding for regional cities to €1bn. For Limerick Twenty Thirty, which was established almost a decade ago to develop key strategic sites in Limerick as catalysts for economic growth, this is the completion of its first development in the transformational 3.7acre Opera Square project in Limerick city centre.
The world-class six-storey office block in the heart of Limerick was officially launched today by Minister for Finance Paschal Donohoe and co-hosted by Mayor of Limerick John Moran and Treaty Stone Partnership in front of 250 guests. It comprises 106,000 sq.ft of Grade A office space across five floors with capacity for 1,000 employees, three ground-floor retail/restaurant units and underground car-parking.
Mayor of Limerick John Moran said, “We have big ambition in Limerick, to compete with other cities across Europe as the location choice for talent and business alike. To do that, we have to build a competitive offering in which to live, work and invest. Part of that is creating world-class workspaces and One Opera Square is a brilliant model for that. It’s built to the highest global sustainability and employee wellbeing standards and is already attracting considerable market interest, to an extent that we are very confident that it will deliver the investment envisaged. Limerick Twenty Thirty’s strategic vision, through developments like Gardens International and now Opera Square, is transforming our urban core and positioning Limerick as a serious contender on the European stage.”
Minister for Finance Paschal Donohoe said, “The launch of One Opera Square is a key milestone in Limerick’s regeneration and urban transformation. This development demonstrates how strategic ambition and close collaboration amongst all stakeholders can help unlock Ireland’s regional potential for both indigenous business and foreign direct investment (FDI). I hope that the model that has been successfully employed here can be utilised in the other regional cities as part of ISIF’s €1bn regional cities programme towards supporting urban regeneration and by extension investment, employment and quality of life”.
ISIF Director Nick Ashmore said, “One Opera Square is an example of how strategic collaboration between national and local partners can help unlock economic potential. As part of ISIF’s €1bn regional cities programme, this investment reflects our commitment to supporting growth, creating high-quality jobs, and supporting Irelands regional cities. One Opera Square will serve as a cornerstone of Limerick's continued transformation and as a benchmark of sustainable development. It represents ISIF's commitment to supporting long-term, sustainable economic growth while delivering the commercial returns that our mandate requires.”
Dr Pat Daly Director General of Limerick City and County Council said, “One Opera Square is a powerful example of what can be achieved when strategic vision is matched with collaborative investment. This development is not just about this site—it’s a statement of the intent we all have for Limerick’s future. It reflects our commitment to continuing to have a vibrant, sustainable and globally competitive city centre that supports jobs, innovation and quality of life.”
Chair of Limerick Twenty Thirty James Collins said, “Chair of Limerick Twenty Thirty James Collins said, “Having been a board member from the start of Limerick Twenty Thirty’s existence to being its Chair today, I’ve seen first-hand the enormous level of planning that has gone into the wider Opera project and, indeed, One Opera Square before a block was ever laid. As a result of our progressive partnership with ISIF, here we are today with this world-class facility. So, this is a landmark moment on Limerick’s journey, facilitated by many and it is essential now that we continue this spirit of partnership in our other strategic projects.”
Barry O’Sullivan, Chair of Treaty Stone Partnership said, “One Opera Square shows what is possible when a sovereign development fund like ISIF joins forces with a proactive local authority to deliver regeneration and growth. Together, this has created a world-class commercial building that will provide high-value jobs, attract international investment and set new standards in sustainability. This type of collaboration could also unlock further opportunities in the region.”