Capital Dock City Campus Development Reaches Completion in Dublin Delivering One of the Largest, Single-Phase Developments Ev...
November 19 2018 - 06:00AM
Business Wire
Transformative Project Includes Ireland’s
Tallest Residential Tower, Creating a New Urban Center
Global real estate investment company Kennedy Wilson (NYSE:KW)
and its equity partners reached a new milestone with the completion
of Capital Dock, one of the largest mixed-use developments ever
created in Ireland, that is transforming Dublin’s South Docklands.
The iconic city campus development spans 4.8 acres, providing over
690,000 square feet of new mixed-use space, including offices,
retail and multifamily units, as well as more than 1.5 acres of
public park space that will soon serve thousands of people.
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Capital Dock in Dublin, Ireland (Photo:
Business Wire)
Through the build out, approximately 1,300 construction workers
were based onsite, with the development expected to support
hundreds of permanent jobs when fully built. Over 200,000 tons of
concrete, 15,000 tons of steel and 7,500 panes of glass were used
during construction.
The community has already begun welcoming some of the biggest
names in tech and finance that will serve as the foundation to
energize the new campus. J.P. Morgan, a Fortune 50 bank, and the
world’s #1 jobs site, Indeed, have committed to occupy all of the
available office space, and are preparing their new offices for
occupancy in 2019.
This past week, Ireland’s Minister for Finance and Public
Expenditure and Reform, Paschal Donohoe TD, joined Kennedy Wilson
and NAMA in the penthouse of the newly completed 22-story
multifamily tower that is the country’s tallest residential
building and serves as the gateway to the community. The group
marked the launch of the multifamily building and the introduction
of a new standard of services and amenities to the Dublin rental
market. Beginning in January 2019, the 190 multifamily units will
be available to rent, with five-star resident amenities, dedicated
on-site concierge, resident lounges, cinema, professional gym,
business suites and chef’s kitchen.
The amenities extend to the public realm, including a landscaped
park and square that include designated cultural space along Grand
Canal Docks. The project will also welcome new retailers in the
coming year, including a flagship restaurant and bar with a
terrace, a gourmet grocer and additional artisanal food and
beverage offerings.
“We are so proud of what the team has accomplished here in
Dublin at Capital Dock with what’s been our largest scale
development to date, and to deliver high-quality residences within
such a vibrant market,” said William McMorrow, Chairman and CEO of
Kennedy Wilson. “When we began conceptualizing Capital Dock years
ago, we envisioned creating a new heart for the Docklands that
brought people together in modern work spaces and beautiful outdoor
areas, while raising the bar for residential rentals. To see the
area come to life and our vision come to fruition is incredibly
satisfying and reinforces the exciting future of the Docklands and
the greater Dublin market.”
Speaking at the completion ceremony, Minister for Finance and
Public Expenditure and Reform, Paschal Donohoe TD said, “Kennedy
Wilson’s Capital Dock is a significant development, creating
critically needed commercial and residential space in the growing
South Docklands. The diverse Capital Dock campus fits well with
Dublin’s long-term future as an innovative and successful European
city, at the heart of modern Ireland. Projects like Capital Dock
are key components in increasing the supply of private, rented
residential units in the city and also in attracting FDI to
Ireland.”
While the completion of Capital Dock marks the end of Kennedy
Wilson’s five-year development journey to bring the project to
life, it is the beginning of its exciting asset management program
for this landmark city campus. Kennedy Wilson and an equity partner
took direct ownership of the site in mid-2013, secured zoning
approvals and joined with NAMA in December 2014, a year before
breaking ground on the site in November 2015 and the start of
vertical construction in September 2016.
Kennedy Wilson is one of the most active real estate investors
and operators in Ireland, with significant development underway
across €1.0 billion of assets throughout the country, including
more than 1,300 new multifamily units in various stages of
development on prominent Dublin projects including Clancy Quay, The
Grange and City Block 3.
About Kennedy Wilson
Kennedy Wilson is a leading global real estate investment
company. We own, operate, and invest in real estate both on our own
and through our investment management platform. We focus on
multifamily and office properties located in the Western U.S.,
the U.K., and Ireland. For further information on Kennedy
Wilson, please visit: www.kennedywilson.com.
Special Note Regarding Forward-Looking Statements
Statements in this press release that are not historical facts
are “forward-looking statements” within the meaning of U.S. federal
securities laws. These forward-looking statements are estimates
that reflect our management’s current expectations, are based on
assumptions that may prove to be inaccurate and involve known and
unknown risks. Accordingly, our actual results or performance may
differ materially and adversely from the results or performance
expressed or implied by these forward-looking statements, including
for reasons that are beyond our control. For example, we may not be
able to maintain our current acquisition, development or
disposition pace or identify future properties to acquire or
develop on terms we consider attractive, and our current property
portfolio may not perform as expected. Accordingly, you should not
unduly rely on these statements, which speak only as of the date of
this press release. We assume no duty to update the forward-looking
statements, except as may be required by law.
KW-IR
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version on businesswire.com: https://www.businesswire.com/news/home/20181119005220/en/
InvestorsDaven Bhavsar, CFADirector of Investor
Relations+1 (310) 887-3431dbhavsar@kennedywilson.com
MediaEmily HeidtDirector of Public Relations+1 (310)
887-3499eheidt@kennedywilson.com
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