Controversy has surrounded the half built Park Valley Centre since construction halted in 2008 but fresh debate has erupted now a new developer has taken on the project.
Northern Irish property developer, Suneil Sharma, has bought in on the job of finishing the half built Park Valley Centre. The former developer, Liam Carroll, has however slammed Mr Sharma’s efforts saying construction costs are "prohibitive".
Mr Sharma originally sold on his interest in the centre before the project collapsed but he is now the man driving the Parkway Valley site on the Dublin Road.
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The project was originally given planning permission by Limerick County Council for a development of 50 shops, with three anchor tenants and 1,650 car-parking spaces.
It is understood that Mr Sharma has agreed terms with National Irish Bank to take over the project and would control 100% of the equity.
"I’m one of the few developers around on the island who has access to funding," he said, adding: "I’m in this business 20 years and I’m still standing. We are ready to take on this challenge in Limerick. I have the best development team in Ireland around me."
In order to proceed, however, Mr Sharma needs Limerick County Council to extend the planning permission granted to the site. A decision on this is due in October.
Mr Sharma faces more debate when it comes to getting planning permission. Earlier in the week the Limerick Leader reported that city and county councilors met to talk about the controversial shopping centre being built in Limerick.
It is understood that Limerick Business Association has expressed fears over the project. One entrepreneur Helen O’Donnell has said if it goes ahead, it will be "devastating" for the city.
The Mayor, Jim Long, has issued a rallying cry to businesses in the city, asking them all to stand behind him against the multi-million euro scheme.
(LB/GK)
