Dublin City Council has approved a €100 million makeover of the famous and 'outdated' St Stephen's Green shopping centre.
The city will lose one of its signature buildings after the Council granted permission to DTDL Ltd, which is controlled by a firm run by stockbroker and wealth manager Davy, for the'rejuvenation' of the centre.
The Council granted planning permission after the applicants decreased the scheme's scale and massing.
Davy has obtained the green light for the refurbishment of the St Stephen's Green Shopping property after paying an estimated €175 million for the property on behalf of its clients in 2019.
A 51-page Council planner's assessment stated that "the proposed reductions to the scale and massing of the building significantly reduces the visual impact on this sensitive environment" in recommending approval.
The adjustments included an additional setback at the sixth story level, which the planners claim decreases the scheme's look by one storey and conforms to the City Council's height strategy.
The proposal, according to the planners, makes "enhanced use of this urban site to achieve the required level of intensity of development for sustainability."
The existing shopping complex is a local icon, but not because of the quality of its architecture, according to the planner's study, and it is not a Protected Structure.
The developers are proposing a cinema and gallery space, and according to the Council planner's assessment, these cultural uses are welcome and will generate additional activity.
The initial proposal, submitted in December, had a total gross floor area of 87,932 square metres, with a net increase in gross floor area of 21,419 square metres over the existing development.
The proposed scheme's major component is commercial use, with 35,043 square metres of offices and ancillary spaces, and the applicants increased the level of retail and Food & Beverage space after the Council expressed concerns.