Construction on a five-building residential tower and hotel are set to begin next year in the city centre of Dublin.
Dublin City Council said the project, the tallest building in the Irish city, will be the first of its kind in Europe.
Dubliners living in the capital’s suburbs are allowed to live in the area for a maximum of 10 years, while the city is home to more than one million residents.
Dubliner Mayor Dermot O’Leary said the new development would bring 5,000 jobs and the town will become the centre of a new economy.
He said the town was keen to have a project that would create a new, connected town centre.
“We want to see the town become the hub of Dublin’s future,” he said.
Dubris County Council said construction of the tower will begin in 2021 and be finished by 2025.
“The town will be able to have the same number of shops and restaurants, which is really important,” Mr O’Loyds said.
“It’s a really exciting development for the city.”
Dublin is a city of nearly 100,000 people with a population of around 14,000.
Dubers living in areas other than Dublin can live there for as long as they like, but have to have permission to work in the town centre, which includes a number of pubs, restaurants and shopping centres.
Dublins unemployment rate stands at 11.3 per cent, down from 14.9 per cent in February 2018.
The new development is being built on the site of a vacant four-storeys building which was sold to a developer in 2017.
Dub City Council’s chief executive and chief planner, Stephen McGowan, said the plans to create a community centre and hotel in Dublin would be an example of how a new city could create jobs and boost economic activity.
“Dublin has been struggling with a lack of housing, and this development will help to increase the availability of housing in the new town centre,” he added.
The council said the five-floor tower will be built with the assistance of local contractors.
The site has a capacity of 2,500 residents, with the hotel being a five star hotel, Mr McGowan said.