DCC approves borrowings of up to €100m for Parnell Cultural Quarter

The Parnell Cultural Quarter Project was first announced in 2013 at a total cost of €60, now 13 years later this has increased to €173m and may require additional borrowing from the State

News Stephen Holland Local Democracy Reporter 16:54, 09 Jul 2026 View 2 Images The Garden of Remembrance in Parnell Square (Image: William Murphy)

Dublin City Council has approved borrowing up to an additional €100 million as the cost of the Parnell Square cultural quarter project is now expected to exceed €173m.

Plans for this project were unveiled in 2013 and included the development of a new city library, the renovation of the Hugh Lane gallery , and a public plaza linking to the Garden of Remembrance. Initially costed at €60m, this rose to over €100m in 2016, and now the council is borrowing more money from the State to cover costs.

The delivery date for Phase 1 of the new cultural quarter has also been subjected to several delays as it was first due to be completed by 2017, then 2020, and now a public opening is set for 2030. The delays were not without reason as a partnership between the council and US real-estate investment company Kennedy Wilson fell apart when it emerged in 2019 they had not secured financial backing.

The council has sought funding from the Urban Regeneration and Development Fund (URDF) of just over €121 million, but was awarded just over €60m. They aim to access more funds through another URDF application, but state if this is not successful they begin borrowing from 2027 onwards.

Potential required borrowings break down as follows: €37m in 2027, €38m in 2028, €22 in 2029, and €3m in 2029. “This loan will be at a term of 30 years with maximum annual repayment of approximately €5.4m per annum. The loan will be funded from the City Council’s own resources, and the objective is to keep the borrowing to the minimum amount required,” Assistant Chief Executive Eileen Quinlivan’s report said.

“It is proposed to borrow up to €100m on a staged basis to cover the Dublin City Council potential contribution to the cost of constructing the new City Library that includes the partial renovation and essential works to the Georgian Terrace at 23 – 28 Parnell Square North and targeted refurbishment work to the Hugh Lane Gallery.”

Ms Quinlivan told councillors at the July monthly meeting that these potential borrowings are to cover their bases in the event that URDF funding is not approved. She said a decision from the URDF is expected within "the next few weeks".

Phase 2 of the project would address the public plaza and the redesign of the Garden of Remembrance. However, no funding figures or timelines for this have been revealed.

Progressing of the project was welcomed by representatives, but Sinn Féin Cllr Mícheál Mac Donncha spoke about the need to also consider developing Moore Street, the GPO, and the historic 1916 quarter in parallel. He said: “It’s all of a piece really, but unfortunately we are not anywhere near as far advanced as we are in Parnell Square.”

Cllr Mac Donncha also said “we do have to ask questions about the length of time this has taken”. Referencing the original plan “with alleged forthcoming support from a so-called philanthropist who turned out to be not so much of a philanthropist in the end,” he cited delays that “put us back at square one”.

“Many of us said at the time this is not the way to approach it. These are public spaces. We need the city council to take the lead with support of central government. I am glad that has now happened, but it is a pity that it has taken so long. As in so many other developments, we need to look at the processes that take so long to get us to this point.”

This content is funded by the Local Democracy Reporting Scheme

Want to see more of the stories you love from Dublin Live? Making us your preferred source on Google means you’ll get more of our exclusives, top stories and must-read content straight away. To add Dublin Live as a preferred source, simply click here .

Join our Dublin Live breaking news service on WhatsApp. Click this link to receive your daily dose of Dublin Live content.

We also treat our community members to special offers, promotions, and adverts from us and our partners. If you don’t like our community, you can check out any time you like. If you’re curious, you can read our Privacy Notice .