DETAILED discussions are under way with a number of major international retailers about taking up space in the new Capitol cinema redevelopment.
Work on the €50m project from developer John Cleary will begin next month with a likely opening date in early 2017.
The former cinema, which closed just over 10 years ago, will be demolished and replaced with a new four-storey retail unit facing on to Grand Parade and Patrick Street with office space on the upper floors. It is estimated that the development could create up to 1,000
direct and indirect new jobs in the city centre.
An Bord Pleanála met on Wednesday to discuss the planning application and decided to uphold the previous decision of Cork City Council. City Hall planners had already granted permission, but their decision was appealed by An Taisce and a trader in the
English Market.
The project will provide capacity to deliver 450 new jobs for Cork, in addition to 200 construction jobs, creating a new landmark building for Cork and breathing new life into the west side of the city centre.
Food heritage and innovation will play a big part in the development and the close connection to the English Market is being maintained. The section of the development previously occupied by the former Central Shoe Stores will have a specially designed Food Innovation Centre.
Also the iconic Oyster Tavern, established in the 1800s, will be restored to its former glory with an upmarket restaurant and bar serving produce sourced from the English Market.
An economic impact report has estimated that the project will generate approximately 1,000 jobs once fully occupied in just over 12 months’ time.
Developer John Cleary said the plans have been slightly modified by An Bord Pleanála but are very similar to the original design.
“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,” he said.
“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 Lord Mayor of Cork Cllr Chris O’Leary welcomed the news saying the development will be a major catalyst for the city centre.
Ann Doherty, chief executive of Cork City Council, said the site’s redevelopment represents a strong sign of the resurgent confidence of investors in Cork City.
Agriculture Minister Simon Coveney said The Capitol is one of the most significant developments that Cork has seen in decades, and along with the events centre has the capacity to transform commercial and retail activity on the western side of the city.
CEO of Cork Chamber Conor Healy said the decision heralds a bright new future for the city.