Latest news with #apartmentdevelopment
BreakingNews.ie
2 days ago
- Business
- BreakingNews.ie
Planners reject another housing development on site of former mother and baby home
A second set of plans for an apartment development on lands of the former Bessborough mother and baby home in Cork city has been rejected just days after an even larger apartment complex in a separate part of the grounds was refused planning permission. An Coimisiún Pleanála – formerly known as An Bord Pleanála – has ruled that a proposal by developer Estuary View Enterprises (EVE) 2020 Limited to demolish a large number of agricultural buildings and construct 140 apartments on the grounds of Bessborough House in Blackrock failed to meet the planning requirements in terms of unit mix. Advertisement Just 1 per cent of apartments in 'The Farm' scheme were three-bed units compared to the target figure of 28 per cent set by Cork City Council. The commission said the plans for the 5.1-hectare site represented a material contravention of the Cork City Development Plan 2022-2028 with no justification provided by the developer for its unit mix. However, the commission did not adopt a recommendation of its own planning inspector that the application should also be refused planning permission because it was not satisfied that the site was not previously used as a children's burial ground. The inspector, Colin McBride, said such a reason had been the basis for An Bord Pleanála to reject two earlier proposed developments in other parts of the Bessborough lands and it would similarly be premature to approve the Farm scheme. Advertisement The decision of An Coimisiún Pleanála comes just after it had already rejected plans by the same developer for a 280-unit apartment scheme known as 'The Meadows' on a 2.29-hectare site within the Bessborough Grounds. The commission based its refusal in relation to the Meadows site on both the unit mix and excessive scale of the plans which it ruled would be 'visually obtrusive' as well as constituting a substandard form of 'incongruous' development. However, it also did not adopt a similar recommendation by Mr McBride that planning permission should also be refused over concerns about potential burial grounds of children. The two proposals are part of a three-part masterplan by EVE to open up a large part of the Bessborough lands for the creation of new communities and a large publicly accessible parkland area. Advertisement A planning application has still to be submitted for the proposed third phase of 200 apartments in a western part of the grounds. Planning permission for both the Farms and Meadows schemes were sought under the process for strategic housing developments which obviated the need to first submit an application to Cork City Council. However, the local authority recommended that EVE's planning application for the Farm scheme should be approved subject to a number of conditions including the omission of one of the proposed five apartment blocks and a reduction in the height of two other buildings. It also supported the separate plans for the Meadows scheme. Advertisement In contrast, elected members of Cork City Council at a meeting in May 2022 were generally opposed to both developments due to concerns about historic legacy issues associated with the sites and the appropriateness of the projects. The Farm scheme had also provided for a new pedestrian/cycle bridge over the Passage West Greenway while two repurposed farmyard buildings were due to be used for some apartment units as well as a creche, library, lounge and function space. EVE said it had met with the Cork Survivors & Supporters Alliance (CSSA) at an early stage of the design process for the Farm scheme because of the sensitivity associated with the location. However, the developer said the locations within the Bessborough lands that were of concern to the group which they wanted preserved were outside the company's control but that the CSSA had no objection to the principle of the Farm scheme. Advertisement EVE said its report on the cultural heritage legacy of the site had found no evidence to suggest the proposed area for development contained any burials associated with the former mother and baby home. Ireland Plans for Cork student accommodation on site of fo... Read More However, in a submission to the then An Bord Pleanála, the Bessboro Mother and Baby Home Support Group claimed the apartments were not in keeping with the history of the grounds. It also expressed concern that there was a lack of agreement on the interpretation of maps of the Bessborough lands and that there was 'too much ambiguity as to where the majority of children are buried.' The group claimed there was still a lack of proper inspection of the grounds. The report by Mr McBride said it had already been widely accepted following an earlier oral hearing about another proposed development on the Bessborough lands that the extent of the area to which uncertainty persists regarding the potential for unrecorded burials was 'significant.'
Irish Times
09-07-2025
- Business
- Irish Times
Sandyford apartment scheme given go ahead
Dún Laoghaire Rathdown County Council has granted planning for a seven storey, 71 unit, apartment development in Sandyford despite concerns expressed by a local parish priest, local residents and businesses over the scheme. Westleton Ltd had sought planning permission for a nine storey 100 unit apartment scheme, and retail units, part of which is located over the western part of the existing retail/commercial units at Balally Shopping Centre, Blackthorn Drive, Sandyford, Dublin 16. The council gave permission for the scheme after ordering the removal of two floors. Records show that two council planners recommended and endorsed a refusal to the scheme but were over-ruled by the senior planner who recommended a grant of permission. READ MORE The council senior planner, Ger Ryan said that the refusal under the heading of open space could be addressed by a financial contribution of €456,750 to the council in lieu of open space. He said that the site is simply not capable of providing additional open space due to physical and legal constraints. Mr Ryan's colleagues also recommended and endorsed a refusal over the lack of childcare facilities but he said as the number of apartments granted permission fell below the 75 unit threshold for childcare facilities, that reason for refusal no longer applies. In a submission on behalf of Fr James Caffrey and the Balally Pastoral Parish Council, architect, Michael Malone contended that the high, bulky building proposed would have a domineering effect on the village centre location and nearby housing. Mr Malone stated that the design, height and proximity of the scheme that overlooks the parish complex is of concern. He said: 'The perception of being overlooked will cause some loss of amenity and some anxiety to residence and school building users.' The operators of Ollie's Bar at Balally Shopping Centre also objected. In an objection on behalf of Sandyford Inns Ltd, Miley and Miley LLP Solicitors stated that the application makes no effort to show how the application could be built without interfering with their client's rights. The objection states that none of the reasons for previous refusals have been addressed. Marston Planning Consultancy on behalf of Balally Pharmacy stated that the scheme 'will result in the material loss in vitality and the viability of this neighbourhood centre, including that of our client's own pharmacy'.
Irish Times
08-07-2025
- Business
- Irish Times
The Irish Times view on apartments: standards must not be abandoned
As the Government parties survey the wreckage of their overconfident housing promises, they now find themselves scrambling to revive the most sluggish sector in the construction industry: apartment development. The dramatic fall in apartment completions was a major contributor to the overall housing shortfall last year, and the outlook for 2025 appears equally grim. A variety of factors are at play, not all of them within the Government's control. Shifting international investment dynamics, higher interest rates and weaker yields have changed the calculus for global funds that once financed large-scale, buy-to-let developments. Nonetheless, the Government is not without tools to influence the situation. Its recent actions suggest a growing willingness to use every one of them. The Cabinet has already approved the loosening of rent pressure zone rules, allowing landlords in new-build blocks to charge higher rents, in the hope that this will entice investors back into the market. Senior Ministers, including the Taoiseach, have also signalled an openness to introducing targeted tax breaks for apartment developers. Today, the Cabinet approved a set of changes to planning standards. These will make it easier to build smaller, more tightly packed and arguably less habitable apartment units. In effect, the standards for natural light, storage, and amenity space are being diluted. While the changes may please construction lobbyists – many of whom have long argued that strict planning rules have strangled supply – they raise important questions about the quality of future housing stock. READ MORE It is worth noting that this is the third significant downgrade in design standards since 2015, following similar moves under former housing ministers Alan Kelly and Eoghan Murphy. Whether those relaxations delivered a measurable uptick in development is far from clear. If anything, the current slump suggests they did not. Officials in James Browne's Department of Housing argue that the revised standards still compare favourably to those in other European countries. That claim demands scrutiny. Many Europeans who relocate to Ireland are struck not by the generosity of our apartment layouts, but by how expensive and constrained they are. The State's chronic failure to deliver compact, high-quality urban living has long-term implications. Continued sprawl into exurban areas undermines climate goals, strains infrastructure and erodes quality of life. But so too does the prospect of a generation forced into cramped flats while paying among the highest rents in Europe. If the housing crisis is truly a national emergency, as political leaders frequently assert, it demands bold action. But urgency must not be an excuse for abandoning standards entirely.
Irish Times
08-07-2025
- Business
- Irish Times
Hines submits new plan for 1,100 apartments at former Clonliffe College
The developer of a major apartment scheme in Dublin has dropped 'controversial' elements of the design have been dropped in a new planning application after a first attempt was refused. The revised planning application for just over 1,100 apartments at the former seminary site at Clonliffe College, Drumcondra , was submitted by developers Hines this week. Brian Moran, senior managing director for Hines in Ireland, said that a previously planned 19 story residential tower had been removed, while the new scheme would be less dense than its predecessor. An underground car park near the formal lawn of the former college has also been removed, as was an extension to the seminary building. 'The more controversial elements of the previous scheme have been taken out or modified,' Mr Moran said. READ MORE The number of apartments has also been reduced, down from 1,590 to 1,131, with a change in the mix of apartment types – there will be fewer studios and more three bedroom units, as well as the inclusion of some four bedroom units. Mr Moran indicated that Hines' preference was also to make apartments available for both rental and sale at the site, and that government schemes to assist viability for apartment development would likely play a role in bringing units to the market for sale. He also said the company envisaged affordable housing on some of the blocks. The scheme will have more public space than its predecessor, and incorporates mobility hubs where bike and car sharing schemes can be accessed by residents and the wider community. Mr Moran outlined that it was unlikely that the company would return to the drawing board with a fresh planning application even as government approved changes to apartment design standards on Tuesday. 'We're not planning to go and spend another 18 months on another application,' he said. His comments came as Hines partner fund, CWTC Multi-Family ICAV gave notice that it is to lodge plans in the coming days to Dublin City Council The new application comes four years after Hines lodged its original plan for the site. While An Bord Pleanála granted planning permission it was quashed by the High Court after a challenge was brought by Fionnuala Sherwin, a resident of Knocksinna Grove, Foxrock, Co Dublin. An attempt by Hines at the Supreme Court in April 2024 to overturn the High Court decision failed resulting in the new scaled down Large Scale Residential Development (LRD) plans to be lodged with the City Council. The statutory planning notice for the new scheme states that the 1,131 apartments are to be built across 12 apartment blocks. The apartments are to comprise 268 studios, 282 one bed apartments, 392 two bed apartments, 132 three bed units and 57 four bed dwellings. It is likely that the new scheme will be ultimately be decided by An Coimisiún Pleanála as applicants and third parties can appeal City Council LRD decisions to An Coimisiún Pleanála.
Yahoo
29-06-2025
- Business
- Yahoo
Why many new apartment developments don't pencil out
This story was originally published on Multifamily Dive. To receive daily news and insights, subscribe to our free daily Multifamily Dive newsletter. In past construction downturns, debt was often a problem. Apartment developers had trouble finding lenders for new projects. However, many developers say finding loans isn't an issue as starts have plummeted in the past year. 'The debt markets are still very liquid,' Greg Bonifield, founding partner at Charleston, South Carolina-based apartment developer Woodfield Development, told Multifamily Dive. Bonifield said that traditional banks, life insurance companies and other institutional players are active. 'You have seen numerous funds put together that are actively deploying debt, especially in the bridge loan area,' Bonifield said. But, as the declining construction start numbers have shown, it takes more than the availability of debt to make a development deal work. 'It's been tough to make deals pencil, even for the last couple of years, just because of the increase in costs and interest rates,' said Cameron Gunter, co-CEO of Provo, Utah-based PEG, which owns, manages and develops apartments, hotels and build-to-rent properties. 'This uncertainty on tariffs, especially from China, has caused us even bigger issues.' With heavy supply still hitting some markets and existing properties available to purchase below replacement costs, many equity providers have shifted their focus away from development to acquisitions. 'There is still a lot of uncertainty,' said Chris Finlay, founder and CEO of Vienna, Virginia-based apartment owner, manager and developer Middleburg Communities. 'Many investors and institutional capital sources are still trying to figure out if we have hit the bottom.' Even with debt available, borrowing costs are still a challenge. Construction loans are typically based on the Secured Overnight Financing Rate plus a basis point spread. Since 2022, SOFR has risen significantly, mirroring upward movement in the federal funds rate. 'What everybody is worried about is interest rates and when they are going to lower the interest rates,' said Kimberly Byrum, managing principal of multifamily for Newport Beach, California-based advisory firm Zonda. When combined with uncertainty around tariffs and construction costs, it's easy to see why developers are struggling. 'You can't make [a deal] pencil with what SOFR is and what your interest cost is,' Gunter said. 'If we saw some stabilization or even a slight decline in construction costs from what we've seen over the last few years, that would make sense for us to move forward because we could start penciling a return that makes sense.' Some developers remain hopeful that interest rate relief is on the horizon this year. But just last week Federal Reserve Chair Jerome Powell said the central bank is in no hurry to trim the main interest rate, resisting pressure from President Donald Trump for a reduction of as much as 3 percentage points, according to CFODive. 'We've been holding our breath now for quite some time,' said Rene Bello, founder and CEO of Miami-based real estate investment and development firm BLDG Ventures. 'On the back end, call it Q3 or Q4, we should see some compression on those interest rates, which would free up a ton of capital in the capital market.' Despite some improvement in the debt markets this year, equity continues to be an issue, though it's there for seasoned developers. 'On the equity side, it's very selective,' said Bonifield, whose firm was No. 21 on the National Multifamily Housing Council's most recent Top 25 developers list. 'There absolutely is [limited partner] common equity available for new multifamily development.' But that equity isn't always easy to come by. 'It is generally more available for very established development groups, but it's limited and strategic, and it's both domestic and foreign,' Bonifield said. Equity also has certain preferences. In addition to working with seasonal developers, Bonifield said many investors want an iconic site that is going to open into a healthy rental environment. 'They may be looking to own the deal long term and believe now is a great time to get something out of the ground,' he said. In other cases, Bonifield sees equity chasing what he calls a basis play, looking at the cost per unit. 'There are buckets of money out there that want to deploy into new construction if they can hit a certain basis per unit,' he said. That may mean moving to less dense areas where land is typically cheaper. 'On the basis play, the further you go out, you can build a product at a lower cost, which is what a fair amount of capital is focused on doing,' Bonifield said. Many equity groups are still fearful of investing in new projects when new deliveries are at highs not seen in years, though that should burn off by the time new developments have opened. 'There's still a lot of discussion about supply, although I think that is overdone,' Finlay said. 'But nonetheless, any uncertainty with the institutional guys is just more difficult, and that's what we're seeing today.' Even firms that build and own are changing their strategy in this environment. PEG sees acquisitions as a better play in the face of uncertain construction costs. 'Without having a backlog of development deals we can move forward with, we've shifted to acquisitions,' Gunter said. 'I can buy below replacement cost.' Gunter said it will be difficult for developers to make the numbers work until costs stabilize or rents grow. While some deals may make sense, they're few and far between. 'You've got to have some kind of incentive, whether it's city incentives or some density bonus,' Gunter said. 'But they're going to require some affordability.' Click here to sign up to receive multifamily and apartment news like this article in your inbox every weekday. Recommended Reading Extreme heat disproportionately threatens Black renters, experts say Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
