Work on the €50m project will commence in January with a view to being substantially complete by December 2016 and open in early 2017.
The project will provide capacity to deliver 450 new jobs for Cork, in addition to 200 construction jobs, creating a new landmark for Cork and breathing new life to the west side of the city centre.
John Cleary, Managing Director of JCD Group said even though the plans have been slightly modified, they are very similar to the original design that was approved by Cork City Council. “The detailed design has been completed and construction work will commence in January,” he said.
“As a Cork based company, we realise the history and significance of The Capitol as a location and the important role that the development will play in the rejuvenation of that part of the city. We are in detailed negotiations with a number of premium international retailers who have expressed a keen interest in locating in the city centre.“The Capitol will make the city centre an even more attractive destination for shoppers and visitors alike and will be a catalyst for further investment in the city,” said Mr Cleary, adding that the project will encompass close to 100,000 square feet of high end retail space.
The Lord Mayor of Cork Cllr Chris O’Leary welcomed today’s news saying the development will be a major catalyst for the City Centre and has the capacity to hugely increase footfall at the Grand Parade end of the city centre. “It is a high end development and will add to the very positive momentum here,” he said.
Ann Doherty, Chief Executive of Cork City Council said: “This is a key strategic site and will greatly add to the retail, office and food offering in the city centre. Its redevelopment represents a strong sign of the resurgent confidence of investors in Cork city and is a key component of the City Council’s City Centre Strategy.”
The Capitol decision is the latest in a number of positive developments in recent weeks for the city centre. These include the success of Oliver Plunkett Street in the Great Street Awards and the Purple Flag accreditation for the city centre for excellence in the management of the evening and night-time economy
Commenting, Lawrence Owens, Chief Executive of Cork Business Association said, “We are thrilled that planning has been granted for the redevelopment of The Capitol cinema site. It is yet another indicator of how Cork is continuing to grow and thrive.The scale of this development will transform not alone the Grand Parade but the western end of the city, considerably strengthening the city’s retail offering and attracting more people into the city centre”.
Minister for Agriculture, Simon Coveney TD also hailed the granting of planning as an important milestone in terms of regenerating the western side of Cork city centre which will also be home to the new Events Centre on nearby South Main Street.
“It is the latest significant signal that Cork city is on the up "I think everyone will be excited to see the transformation of a derelict site in a highly strategic location in the heart of Cork city, into a vibrant modern signature building for retail in Cork”.
A digital walk-through of The Capitol project can be seen on Facebook.com/TheCapitolCork/