News
Major Market Street development to be ready by 2018
The backers of plans for a new retail, office and residential development on the site of Market Street carpark have indicated to planners that it will be completed by late 2018.
Developers Hugh Heskin and Pat O’Grady have sought an Extension of Duration on the life of the planning permission for the 83,000 square foot development for an extra five years.
The development will include two blocks overlooking a pedestrianised street, giving access from Market Street into Bowling Green, with a civic square at the centre of the site.
Permission is set to expire next week on the site, unless the extension is granted.
The developers said that when permission was granted in May 2009, they were unable to secure finance for the build.
“Funding for the project could not be sourced to commence the development during the duration of the permission due to the prevailing economic conditions and associated lending restrictions.
“The funding issue arose primarily as a result of the extremely poor state of the commercial sector during the financial crisis since 2008,” the application reads.
For further details on the development, see this week’s edition of the Galway City Tribune