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Treasury Holdings hosts experts to discuss development for Dublin’s future

Dublin to be driver of economic growth by 2020

Friday 2nd October 2009.  A masterplanning session of international experts organised by Treasury Holdings is meeting in Dublin today to focus on how people will be living and working in Ireland in 2020.

Rob Davies, Director of the Treasury Holding’s Spencer Dock Development said, “We want to look beyond the current economic challenges and discuss the long term status that Dublin should have internationally.  Now is the right time to be thinking about how Dublin can have an improved international standing when we emerge from this recession.  We can use this quieter economic period as a time to devise strategy for the next 20 years of development which will help us in our planning, and hopefully be of use to others as well.”

 Economist Constantin Gurdgiev of Trinity College identified internationally traded services as the most competitive source of future growth for Ireland.  Because of access and the benefit of clustering, this will be focused in Dublin.   “Dublin is Ireland’s biggest driver of economic growth.  By 2010, 66.7% of all high value added jobs in Ireland will be located in the Greater Dublin Area, up from 62.7% in 2000.  By 2020, Dublin is likely to account for over half of all GDP and the city will need to accommodate people in order to deliver this growth.

“There is an internationally recognised grading system for cities. An Alpha city is a city which plays a major role in the international community.  These cities are economic powerhouses that attract the international business community.  While classed among these Dublin is currently in the lowest of the four Alpha city categories called ‘Alpha minus’.  That is on a par with Zurich, Amsterdam, Chicago or Frankfurt, but behind Buenos Aires, Milan, Seoul and Toronto, despite the fact that Dublin is one of the world’s top 10 financial centres.
“ By exploiting Ireland’s position  as a bridge between the US and Europe and expanding our appeal  to areas outside the EU, Dublin can move up to be among the world’s tier 2 alpha cities on a level with Barcelona, Toronto and Sydney.  This should be our ambition.”

 The population of Dublin is expected to grow to 1.7 million in 2026, by which stage the city will accommodate 29% of Ireland’s population.  Mr Gurdgiev concluded that demand for residential space will increase by over 300,000 residents by 2026, accounting for up to 25 million square metres.   “It may seem a contrary message, but looking to the long-term, Dublin will definitely need more and better development, at transport hubs, in the city centre and most particularly in places like Docklands.”

 Rob Davies added to this by saying, “By 2011, there will be 30,000 people living and working at Spencer Dock, within a five minute walk of the LUAS and the proposed DART Interconnector (planned for 2015).  As the planning authorities are looking at the overall shape of development in the Docklands area once again, we are undertaking this exercise to get ideas from the brightest and the best, to ensure this component of the city is the best possible for the people who will live and work here and is viewed in the wider Dublin and European context.  With its available land, good transport infrastructure, well established Financial Services Centre and upcoming National Convention Centre, Dublin’s Docklands is an obvious place to position itself as the centre of business and trade in the capital.

 “We want to make sure we are contributing to the building of cities for the future, with living and working spaces that respond to people’s needs and desires.  Spencer Dock is at the heart of Docklands and is going to be an area alive and dynamic, as a transport hub and also with the unique Convention Centre Dublin which will be open for business in 12 months’ time.  Spencer Dock is the nominated site for a major transport interconnector, and the LUAS will run through it with its own dedicated station.

 Treasury Holdings brought together  European leaders in the fields of architecture, transport, urban planning, workplaces of the future, landscaping, retail and economists to debate and discuss what sort of Dublin its people and the country will need by 2020 – which is just 10 years away.

 Major themes of today’s discussion were quality of life, public services, and how Dublin as a compact city can deliver on its role as the engine of the Irish economy, in a sustainable way.   The group heard that as work and social life become more entwined, future workplaces will not be the isolated business park, but rather form part of a mixed use community of offices near homes, gyms, cafés and leisure activities.  In addition, companies are trying to increase the density and flexibility of office space use. Whatever challenges are being faced now, there will strong future demand for appropriately designed spaces for people to work, live and play.

 A significant theme was that Dublin fits into a fine European tradition of humane cities and, as in the European context, individuals and families will be more open to city centre living as accommodation that fits their need for space is created, as fuel prices rise and as the appeal of working close to home and to school comes to the fore.   Developments should be providing accommodation options right throughout the lifestages.

 Development first began at Spencer Dock in the 1750s with residential and small scale commercial development being built.  In the 1780's permission was granted for the construction of the Royal Canal, which starts at Spencer Dock. In 1845 the Royal Canal was sold to the Midland Great Western Railway who wished to build a rail line along its banks. This is when Spencer Dock began its connection with travel through the canal and railway construction – the Midland and Great Western Railway was opened there by viceroy Lord Spencer in 1873.

“It is tremendously exciting to be building on Spencer Dock’s heritage as a transport hub and commercial and residential location for the city of Dublin.  However in order to do so we must look at the wider context and vision for Dublin’s growth and position in Europe and globally.  We think there are real grounds for optimism in Dublin.   Our work now is to carry that approach into the future.  We will be working hard at putting our ideas together and submitting them to Dublin City Council and the Dublin Docklands Development Authority, and we hope the work will be given due consideration as part of their masterplanning for the Docklands and the city,” concluded Rob Davies.