Cost of developing Cork's docklands has doubled in five years to more than €1bn

The cost of developing Cork city’s docklands has almost doubled in the space of just five years to more than €1bn.

The lion’s share of the cost increases stem from the rising cost of building the controversial Eastern Gateway Bridge, which has seen a four-fold increase from €74m to €311m.

Overall costs for the major development are expected to rise from the €595m planned in 2021 to €1.062bn, with all aspects of the project due for completion by 2038.

The Cork Docklands Enabling Infrastructure Project is a major plan to deliver new public realm roads, parks, and cultural spaces, with the proposals expected to open up space for 10,000 new houses.

It is the country’s largest urban regeneration site, and when it is completed, it is expected to be the base for up to 25,000 jobs.

Concerns have been raised previously about the Eastern Gateway Bridge, with it set to be one of three bridges built through the development.

It had been suggested by Fine Gael councillor Des Cahill that the introduction of the additional bridges could impact the Lee, saying he feared it could “sterilise” the river.

Sources have said the price increases are down to construction inflation, alongside changes to the design of some parts of the overall project.

Cork City Council submitted its revised preliminary business case for the infrastructure development in 2024, with the Department of Housing now moving to rubberstamp the plans.

It is expected the Government will approve the project to progress to the next stage as early as next week, with the timeline of full completion scheduled for 2038.

This is only the first stage of approval, however, with further Cabinet approvals required in the future.

It is understood that, while first-stage approval will be granted, there are several recommendations to ensure costs are managed within the allocated budget.

Stronger governance

This includes stronger governance and project management controls.

There will be actions taken in the event of cost overruns, particularly where the 20% contingency fund is exhausted.

If this occurs, options including reducing the scope of parts of the project or changing the sequence in which it is carried out.

While the overall cost of the project has increased, it is expected that previously-announced €595m will be enough to cover the first section of the plan.

The first bundle of works, taking place on the North Docks, will see improvements to the public realm in the area, including the building of a new waterfront promenade, repairs to the quay wall, and the development of an active travel corridor.

The second bundle, focused on the South Quays, proposes improvements to the public realm along the marina, including plazas, urban parks, and improved access to the river.

It is expected that greenway facilities will be built.

Other new developments include the provision of sports facilities, including a sports centre at Canal Walk and a maritime activity centre.

New transport infrastructure will also be developed, with several roads expected to be widened, including Monahan Rd, Marquee Rd, and Centre Park Rd.

Development of the second half of the project, which includes changes to public realm and building of plazas alongside a new Canal Walk Sports Centre, will require additional funding.

It is not expected that there will be further capital costs to the State for the regeneration project until after 2030, when the existing national development plan expires.