Smithfield, Dublin

Smithfield's history is a testament to the evolution of urban areas over time, from medieval marketplaces to modern, thriving neighbourhoods. It showcases the importance of preserving historical architecture while adapting to the changing needs and aspirations of a growing city.

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For reference here is a brief overview of the history of the Smithfield area:

• Smithfield's origins can be traced back to medieval Dublin. It was established as a marketplace in the 12th century during the Norman era. The name "Smithfield" likely refers to its historical use as a market for blacksmiths and metalworkers.

• Over the centuries, Smithfield evolved into a bustling market and trading hub. It became known for its livestock markets, where cattle, sheep, and other animals were bought and sold. The area's markets were central to Dublin's economic and social life.

• Smithfield features historic architecture that reflects its rich past. One of the most notable landmarks is the Smithfield Market Building, a grand Victorian structure that once housed the city's fruit and vegetable market. The market building's distinctive red brick design is a prominent feature of the area.

• In the 20th century, Smithfield experienced a decline in its traditional markets, leading to disinvestment and urban decay. By the late 20th century, the area had become somewhat neglected and run-down. Top of Form.

 

The revitalisation of Smithfield began in the late 1990s and early 2000s. It aimed to rejuvenate the area, making it more appealing for residents, businesses, and visitors.

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The vision was for a high-density mixed-use development with a large cultural anchor driving new footfall to the area. The Lydon’s (Galway based developers) had purchased the Wickhams Fruit & Veg Market and were seeking permission for an independent development. The Kelly’s, Flynn’s, Linders, Brady’s and the Lydon’s started came together to undertake the development and created the development company coherent Fusano Properties Limited. Jerry Ryan of HKR Architects designed the scheme under a shared vision. Kieran Stenson was the project manager. Cramptons were the builders.

 

The development was carried out by Fusano Properties Limited. This involved ourselves, the Linders, Flynns and the Bradys acting together to develop the west side of the square. Architects Pat McCabe working with Jerry Ryan (HKR) designed the scheme under my vision and it was managed by Simon J Kelly + Partners.

 

The development was located within the HARP area which allowed for section 23 and the times allowed for aggressive lending, two elements which were necessary to accomplish this project:

1. Section 23 tax relief allowance. The key point to this was that there were generous tax incentives to purchasers of properties in areas that had experienced a lack of investment. Essentially, the developer had part of their risk underwritten by the government for building in a place they would never touch otherwise. 

2. Aggressive lending. Banks would lend to enable property purchasing for development. Banks would lend on the strength of zoning or planning. It was not uncommon to be able to get 70% financing on land purchases with interest rolled up around the time we invested in Smithfield.  By the mid 2,000's it was possible to get 110%.  

 

The site purchase and construction finance were provided by Anglo Irish Bank conditional on many presales being achieved. Presales of at least 150 apartments was required to secure construction finance. This would have been sold on the first weekend due to the demand for section 23 investments, the high quality of design and upcoming central location. Overall this allowed for a high-quality development to be constructed considering the prominent nature of the site facing out Dublin’s largest Civic Plaza. These incentives do not exist today.

 

Other than managing a project of this scale which would have taken 3 years of hard construction, the main challenges was dealing with local stakeholders including DCC, the Old Soldiers Home and the local community. As part of the development and to get local support to the planning, the team involved put in a substantial community support scheme with over €1,000,000 invested in local projects including a 2,000 sq ft premises on Queen Street for the community. In addition to this, we had to deal with the old soldier’s home who had a 20-room premises located on Queen Street. To achieve this we developed a new 40-bedroom purpose-built facility which was built before we could relocate the soilders out. Ultimately, we moved the Old Soldiers off site to the Leeson Street area for 2 years into a 4-star Bed and Breakfast that we rented in its entirety to allow for a more timely and efficient construction program on site. After this period, the Old Soldiers home was reopened on North King Street and continues to serve that state with 40 on suite bedrooms and associated common areas including a full commercial kitchen.

 

As a result of a great team and the incentives available, the vision led project was achieved.

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Our vision was achieved by mixing 460+ apartments, 80,000 sq ft of offices, 100-bedroom hotel, 60,000 + sq ft of retail, 850 car spaces including a public car park, restaurants, new Old Soldiers Home, Art House 4 screen cinema, 27,000 sq ft gym and swimming pool.

 

The team put a lot of focus on:

1. Being Vision Led: “Let the Vision be the Master”

2. Partnership: Partnership was essential for the project to succeed.  The only logical way to complete the development was in one go because the financial pressure on any one partner would have been huge if the responsibility for purchasing the land and funding the construction was placed with just one entity.  Partnership not only shared the risk but multiplied the resources available for the project to succeed.

3. Planning: The building would alter as it was being built to there were constant applications for retention or alteration

4. Communication: Communication with local residents was enormous was another big issue which was considered priority and was led by my son Chris Kelly

5. Engineering: A big challenge. The engineers were more worried about the building floating UP as opposed to sinking DOWN.  This was due to the depth of the basement and how close we are to the Liffey. 

6. Financing: Financing is always the lifeblood of a project to managing unit sales and tenant agreements was crucial to maintaining a flow of funds to continue the construction. The base building would have cost €180m+ with additional fitout costs. This figure would not include land, professional fees, levies, finance costs, etc.

 

The development is now 100% occupied housing 1,000s of people in homes, offices and generating substantial employment in the area. The cinema has attracted new visitors and the high quality of construction and design still is relevant today.

 

A project of this scale could be achieved today but what we lack however is support from financial institutions, a regulatory and legal framework that developers can trust, a complementary public infrastructure, political leadership to support development and a coherent national strategy that compliments local objectives.