The Photograph
The memory of what was, recording histories and our collective association to the land. The photograph reminds us how change can be re-directed.Thursday, 23 February 2012
Thursday, 26 January 2012
Parkway Valley is “win win” situation for Limerick says developer
THE developer who was originally behind the ill-fated Opera Centre has dismissed the potential for major new retail in Limerick city centre, complaining that construction costs are “prohibitive”.
Belfast-based Suneil Sharma sold on his interest in the Opera Centre before the project collapsed, leaving a vast derelict city in the heart of the city.
He is now the man driving the Parkway Valley site on the Dublin Road, which was originally given planning permission by Limerick County Council for a development of 50 shops, with three anchor tenants and 1,650 car-parking spaces.
The project was abandoned three years ago when developer Liam Carroll’s Zoe Group collapsed. It is understood that Mr Sharma has agreed terms with National Irish Bank to take over the project and would control 100 per cent of the equity.
“I’m one of the few developers around on the island who has access to funding,” he said, adding: “I’m in this business 20 years and I’m still standing. We are ready to take on this challenge in Limerick. I have the best development team in Ireland around me.”
In order to proceed, however, Mr Sharma needs Limerick County Council to extend the planning permission granted to the site. A decision on this is due in October.
In its editorial column three weeks ago, the Limerick Leader urged the Council to reject the application. City councillors and business interests in the city have also argued that the project should not proceed and that the focus should instead be on the struggling city centre.
However, Mr Sharma told the Leader this Wednesday that he no longer believes that major retail development in the city is viable. He said in the current climate, any development “has to be credible” if it is to receive financial backing.
“The cost of construction in city centre development is prohibitive. That is the reality. Our financial model [for the Parkway Valley site] works in the real world.
“Limerick city centre is not going to be a mecca for retailing – that is just not going to happen.”
“The story is plus, plus, plus for Limerick – it is win, win, win. When people see the comprehensive development plan there is going to be buy-in – but I can’t release it yet because it’s not quite ready.”
UPDATE:
DECISION DUE ON THE FUTURE OF PARKWAY VALLEY
13 December 2011
An impending decision by Limerick county planners could sound the death knell for the city.
Limerick County Council will rule this Friday on an application for a 5 year extension to planning permission for the stalled Parkway Valley Shopping Centre on the outskirts of the city.
The site was purchased by developer Suneil Sharma in September.
City Councillors have warned the Parkway retail development would mean the end of Limerick City centre, where there have been renewed hopes for regeneration with the purchase of the Opera site for the city council.
Menswear store owner Tony Connolly is a member of Limerick City's Economic and Future Development Committee.
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Planning News
ANXIOUS WAIT FOR DECISION ON PARKWAY VALLEY SITE
16 December 2011
It may be Monday before a decision is due on a planning application which could shape the future of Limerick.
A decision on the Parkway Valley development on the outskirts of the city is expected to be handed down by Limerick County Council in the coming days following last minute legal advice.
Live95fm's Denis Tierney has more...
Officials at Limerick City Council will be keeping their fingers crossed as they wait for a decision by their county counterparts on a planning application for the long-stalled Parkway Valley.
The large site was bought by developer Suneil Sharma in September.
A decision is due shortly on an application for a 5 year extension to planning permission for the massive retail and leisure centre .
Planners at County Hall are waiting on legal advice before making a final decision, which could be pushed out until Monday.
Limerick City Council, local representatives and business people are worried that the granting of the extension could dent hopes for the revivial of the city centre, which will be anchored by the Opera Centre site.
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