CIÉ is searching for a partner to redevelop an 8.2 acre site adjacent to Ceannt railway station in Galway city centre.
The Irish Times reports that CIÉ put together a master plan, which was amended through design changes in 2008, that proposes developing a 200-bedroom hotel on the site, along with 46,000 square metres of retail space, 23,000 square metres of offices, 176 residential units and a transportation interchange.
In an approach that's reminiscent of CIÉ's proposed redevelopment of sevens acres of space adjacent to Dublin's Connolly station and the IFSC, real estate firm Cushman & Wakefield has been tasked with offering the site by way of a development agreement to an annual minimum license fee of €500,000, which would be succeeded by the higher of a premium rent or an income sharing arrangement with the winning bidder.
Commenting on the site's potential as a hotel and retail space, Patricia Staunton of Cushman & Wakefield asserted that the Ceannt Quarter represents an opportunity to construct a new urban centre that would provide a significant boost to Galway's growth and economy.
