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Irish Times
7 days ago
- Business
- Irish Times
Sandyford apartment scheme given go ahead
Dún Laoghaire Rathdown County Council has granted planning for a seven storey, 71 unit, apartment development in Sandyford despite concerns expressed by a local parish priest, local residents and businesses over the scheme. Westleton Ltd had sought planning permission for a nine storey 100 unit apartment scheme, and retail units, part of which is located over the western part of the existing retail/commercial units at Balally Shopping Centre, Blackthorn Drive, Sandyford, Dublin 16. The council gave permission for the scheme after ordering the removal of two floors. Records show that two council planners recommended and endorsed a refusal to the scheme but were over-ruled by the senior planner who recommended a grant of permission. READ MORE The council senior planner, Ger Ryan said that the refusal under the heading of open space could be addressed by a financial contribution of €456,750 to the council in lieu of open space. He said that the site is simply not capable of providing additional open space due to physical and legal constraints. Mr Ryan's colleagues also recommended and endorsed a refusal over the lack of childcare facilities but he said as the number of apartments granted permission fell below the 75 unit threshold for childcare facilities, that reason for refusal no longer applies. In a submission on behalf of Fr James Caffrey and the Balally Pastoral Parish Council, architect, Michael Malone contended that the high, bulky building proposed would have a domineering effect on the village centre location and nearby housing. Mr Malone stated that the design, height and proximity of the scheme that overlooks the parish complex is of concern. He said: 'The perception of being overlooked will cause some loss of amenity and some anxiety to residence and school building users.' The operators of Ollie's Bar at Balally Shopping Centre also objected. In an objection on behalf of Sandyford Inns Ltd, Miley and Miley LLP Solicitors stated that the application makes no effort to show how the application could be built without interfering with their client's rights. The objection states that none of the reasons for previous refusals have been addressed. Marston Planning Consultancy on behalf of Balally Pharmacy stated that the scheme 'will result in the material loss in vitality and the viability of this neighbourhood centre, including that of our client's own pharmacy'.
Irish Times
08-07-2025
- Business
- Irish Times
The Irish Times view on apartments: standards must not be abandoned
As the Government parties survey the wreckage of their overconfident housing promises, they now find themselves scrambling to revive the most sluggish sector in the construction industry: apartment development. The dramatic fall in apartment completions was a major contributor to the overall housing shortfall last year, and the outlook for 2025 appears equally grim. A variety of factors are at play, not all of them within the Government's control. Shifting international investment dynamics, higher interest rates and weaker yields have changed the calculus for global funds that once financed large-scale, buy-to-let developments. Nonetheless, the Government is not without tools to influence the situation. Its recent actions suggest a growing willingness to use every one of them. The Cabinet has already approved the loosening of rent pressure zone rules, allowing landlords in new-build blocks to charge higher rents, in the hope that this will entice investors back into the market. Senior Ministers, including the Taoiseach, have also signalled an openness to introducing targeted tax breaks for apartment developers. Today, the Cabinet approved a set of changes to planning standards. These will make it easier to build smaller, more tightly packed and arguably less habitable apartment units. In effect, the standards for natural light, storage, and amenity space are being diluted. While the changes may please construction lobbyists – many of whom have long argued that strict planning rules have strangled supply – they raise important questions about the quality of future housing stock. READ MORE It is worth noting that this is the third significant downgrade in design standards since 2015, following similar moves under former housing ministers Alan Kelly and Eoghan Murphy. Whether those relaxations delivered a measurable uptick in development is far from clear. If anything, the current slump suggests they did not. Officials in James Browne's Department of Housing argue that the revised standards still compare favourably to those in other European countries. That claim demands scrutiny. Many Europeans who relocate to Ireland are struck not by the generosity of our apartment layouts, but by how expensive and constrained they are. The State's chronic failure to deliver compact, high-quality urban living has long-term implications. Continued sprawl into exurban areas undermines climate goals, strains infrastructure and erodes quality of life. But so too does the prospect of a generation forced into cramped flats while paying among the highest rents in Europe. If the housing crisis is truly a national emergency, as political leaders frequently assert, it demands bold action. But urgency must not be an excuse for abandoning standards entirely.
Irish Times
08-07-2025
- Business
- Irish Times
Hines submits new plan for 1,100 apartments at former Clonliffe College
The developer of a major apartment scheme in Dublin has dropped 'controversial' elements of the design have been dropped in a new planning application after a first attempt was refused. The revised planning application for just over 1,100 apartments at the former seminary site at Clonliffe College, Drumcondra , was submitted by developers Hines this week. Brian Moran, senior managing director for Hines in Ireland, said that a previously planned 19 story residential tower had been removed, while the new scheme would be less dense than its predecessor. An underground car park near the formal lawn of the former college has also been removed, as was an extension to the seminary building. 'The more controversial elements of the previous scheme have been taken out or modified,' Mr Moran said. READ MORE The number of apartments has also been reduced, down from 1,590 to 1,131, with a change in the mix of apartment types – there will be fewer studios and more three bedroom units, as well as the inclusion of some four bedroom units. Mr Moran indicated that Hines' preference was also to make apartments available for both rental and sale at the site, and that government schemes to assist viability for apartment development would likely play a role in bringing units to the market for sale. He also said the company envisaged affordable housing on some of the blocks. The scheme will have more public space than its predecessor, and incorporates mobility hubs where bike and car sharing schemes can be accessed by residents and the wider community. Mr Moran outlined that it was unlikely that the company would return to the drawing board with a fresh planning application even as government approved changes to apartment design standards on Tuesday. 'We're not planning to go and spend another 18 months on another application,' he said. His comments came as Hines partner fund, CWTC Multi-Family ICAV gave notice that it is to lodge plans in the coming days to Dublin City Council The new application comes four years after Hines lodged its original plan for the site. While An Bord Pleanála granted planning permission it was quashed by the High Court after a challenge was brought by Fionnuala Sherwin, a resident of Knocksinna Grove, Foxrock, Co Dublin. An attempt by Hines at the Supreme Court in April 2024 to overturn the High Court decision failed resulting in the new scaled down Large Scale Residential Development (LRD) plans to be lodged with the City Council. The statutory planning notice for the new scheme states that the 1,131 apartments are to be built across 12 apartment blocks. The apartments are to comprise 268 studios, 282 one bed apartments, 392 two bed apartments, 132 three bed units and 57 four bed dwellings. It is likely that the new scheme will be ultimately be decided by An Coimisiún Pleanála as applicants and third parties can appeal City Council LRD decisions to An Coimisiún Pleanála.
Yahoo
29-06-2025
- Business
- Yahoo
Why many new apartment developments don't pencil out
This story was originally published on Multifamily Dive. To receive daily news and insights, subscribe to our free daily Multifamily Dive newsletter. In past construction downturns, debt was often a problem. Apartment developers had trouble finding lenders for new projects. However, many developers say finding loans isn't an issue as starts have plummeted in the past year. 'The debt markets are still very liquid,' Greg Bonifield, founding partner at Charleston, South Carolina-based apartment developer Woodfield Development, told Multifamily Dive. Bonifield said that traditional banks, life insurance companies and other institutional players are active. 'You have seen numerous funds put together that are actively deploying debt, especially in the bridge loan area,' Bonifield said. But, as the declining construction start numbers have shown, it takes more than the availability of debt to make a development deal work. 'It's been tough to make deals pencil, even for the last couple of years, just because of the increase in costs and interest rates,' said Cameron Gunter, co-CEO of Provo, Utah-based PEG, which owns, manages and develops apartments, hotels and build-to-rent properties. 'This uncertainty on tariffs, especially from China, has caused us even bigger issues.' With heavy supply still hitting some markets and existing properties available to purchase below replacement costs, many equity providers have shifted their focus away from development to acquisitions. 'There is still a lot of uncertainty,' said Chris Finlay, founder and CEO of Vienna, Virginia-based apartment owner, manager and developer Middleburg Communities. 'Many investors and institutional capital sources are still trying to figure out if we have hit the bottom.' Even with debt available, borrowing costs are still a challenge. Construction loans are typically based on the Secured Overnight Financing Rate plus a basis point spread. Since 2022, SOFR has risen significantly, mirroring upward movement in the federal funds rate. 'What everybody is worried about is interest rates and when they are going to lower the interest rates,' said Kimberly Byrum, managing principal of multifamily for Newport Beach, California-based advisory firm Zonda. When combined with uncertainty around tariffs and construction costs, it's easy to see why developers are struggling. 'You can't make [a deal] pencil with what SOFR is and what your interest cost is,' Gunter said. 'If we saw some stabilization or even a slight decline in construction costs from what we've seen over the last few years, that would make sense for us to move forward because we could start penciling a return that makes sense.' Some developers remain hopeful that interest rate relief is on the horizon this year. But just last week Federal Reserve Chair Jerome Powell said the central bank is in no hurry to trim the main interest rate, resisting pressure from President Donald Trump for a reduction of as much as 3 percentage points, according to CFODive. 'We've been holding our breath now for quite some time,' said Rene Bello, founder and CEO of Miami-based real estate investment and development firm BLDG Ventures. 'On the back end, call it Q3 or Q4, we should see some compression on those interest rates, which would free up a ton of capital in the capital market.' Despite some improvement in the debt markets this year, equity continues to be an issue, though it's there for seasoned developers. 'On the equity side, it's very selective,' said Bonifield, whose firm was No. 21 on the National Multifamily Housing Council's most recent Top 25 developers list. 'There absolutely is [limited partner] common equity available for new multifamily development.' But that equity isn't always easy to come by. 'It is generally more available for very established development groups, but it's limited and strategic, and it's both domestic and foreign,' Bonifield said. Equity also has certain preferences. In addition to working with seasonal developers, Bonifield said many investors want an iconic site that is going to open into a healthy rental environment. 'They may be looking to own the deal long term and believe now is a great time to get something out of the ground,' he said. In other cases, Bonifield sees equity chasing what he calls a basis play, looking at the cost per unit. 'There are buckets of money out there that want to deploy into new construction if they can hit a certain basis per unit,' he said. That may mean moving to less dense areas where land is typically cheaper. 'On the basis play, the further you go out, you can build a product at a lower cost, which is what a fair amount of capital is focused on doing,' Bonifield said. Many equity groups are still fearful of investing in new projects when new deliveries are at highs not seen in years, though that should burn off by the time new developments have opened. 'There's still a lot of discussion about supply, although I think that is overdone,' Finlay said. 'But nonetheless, any uncertainty with the institutional guys is just more difficult, and that's what we're seeing today.' Even firms that build and own are changing their strategy in this environment. PEG sees acquisitions as a better play in the face of uncertain construction costs. 'Without having a backlog of development deals we can move forward with, we've shifted to acquisitions,' Gunter said. 'I can buy below replacement cost.' Gunter said it will be difficult for developers to make the numbers work until costs stabilize or rents grow. While some deals may make sense, they're few and far between. 'You've got to have some kind of incentive, whether it's city incentives or some density bonus,' Gunter said. 'But they're going to require some affordability.' Click here to sign up to receive multifamily and apartment news like this article in your inbox every weekday. Recommended Reading Extreme heat disproportionately threatens Black renters, experts say Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
14-06-2025
- Business
- Yahoo
New Grove City apartment development sparks concerns over infrastructure and traffic flow
GROVE CITY, Ohio (WCMH) — Grove City residents voice concerns over the new proposed apartment project and what challenges it will bring to the neighborhood. Residents in Grove City are speaking out against a new apartment development. They say the proposed project by Metro Development would bring logistical challenges to the neighborhood. Rich Pereksta is one of the neighbors leading the charge on the preservation of Demorest Road. He understands the need for more development in a growing city like Columbus, but notes that the location for these new developments should be better thought out. 'I think that there are better areas and areas where they could have a better opportunity to be responsible in the development, than how they're doing it,' Pereksta said. 'Right now, the infrastructure doesn't really support what they want to do.' He says many residents are opposed to the possibility of the new apartments by Metro Development on 14 acres of the surrounding neighborhood, citing various concerns, such as the scale of the buildings, but their main concern is traffic. Ohio State unveils new basketball court design 'It's going to become terrible and with all the potential cars that are going to be showing up on Demorest Road and traveling north to get to i-270 or get to a grocery store or a gas station, are all going to be traveling through a roundabout that is a single lane roundabout,' Pereksta said. The project calls for eleven three-story buildings with 264 units and 500 parking spots. Surrounding developments, like those on Hudson Crossing, have 160 units that could add to the impact. 'Once you get to the highway bridge, that bridge restricts the number of lanes that can travel underneath it, and it is going to be stuck with two lanes, that's it,' Pereksta said. 'And so, you're going to have all these new cars, a thousand cars in this area, and everybody's going to be heading out the same direction almost every day.' According to the Federal Highway Administration, the circulating flow for a roundabout should not exceed 1,800 vehicles at any time. 'It's going to be a bottleneck that people are going to be stuck at and, you know, some people don't, you know, react very well to, you know, big delays,' Pereksta said. 'And a number of incidents that are probably going to happen in that roundabout could be serious.' In a statement to NBC4, the director of metro development, Joseph Thomas, said in part, 'Central Ohio is facing a critical housing shortage, particularly for middle-income individuals and families who are increasingly priced out of the market. Our goal with this project is to help address that gap by providing high-quality, attainable housing for working residents such as teachers, healthcare workers, first responders, and others who are vital to the fabric of our community.' Thomas also added they are working closely with local officials to ensure that the project supports long-term community goals, saying responsible growth is a priority. Residents like Rich Pereksta feel that the disruption that could be caused will have a profound effect on both longtime residents and potential newcomers. 'The infrastructure doesn't really support what they want to do, and they're gung-ho and moving forward as fast as they can go, and I think that's a mistake,' Pereksta said. 'I think that in the overall scheme of things, there's going to be a lot of unhappy people, even their renters, the people to they, you know get to move into these places, they're not going to be happy when they have to deal with all the traffic.' Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
