Affordable housing plan for Limerick city centre gets go-ahead

COUNCILLORS have approved the borrowing of a loan to help fund a new housing development in Limerick city centre.

At this month's local authority meeting, members gave the green light to plans to borrow €3.8m to part-finance an estate at Sonny's Corner.

This is a patch of green-space at the junction of Island Road and Athlunkard Street near St Mary's Church.

In a briefing note, council housing director Caroline Curley said the overall cost of the project is estimated to be €6.6m, with the balance being given money from the Affordable Housing fund.

Some 21 new units are planned as part of this development in a mix of one-and-two-bed apartments.

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Nineteen of the homes will be designated as cost-rental, which means tenants will pay at least 25% below regular market rents in the area.

The scheme is designed so as not to include a profit for a developer, with the rate an occupier pays based on the cost of building, managing and maintaining the homes.

It's aimed at those who are above the threshold for social housing, but who may struggle to afford rents on the private market.

The remaining two homes will be allocated to people on the council's social housing waiting list.

On-site, the council is also planning a new streetscape, and the integration of the old City Walls, which pass through the site into a new tourist destination for King's Island.

A new walkway will be designed with a possible information pavilion providing the history of the city wall.

Ms Curley told councillors she expects a builder will be appointed to the project in the first part of 2024.

If all goes to plan, building will start by mid-way through next year, with a construction period of 17 months.