Dublin city council will require a loan of over €132 million to pay for it's first "direct build" cost-rental project.
578 apartments, which are expected to cost up to 450,500 euro each to build, are planned at the former St Michael's estate in Inchicore.
The council flat complex, that dated back to the 1960s, was demolished 12 years ago. A regeneration plan has been promised for a number of years.
A quarter of the new units on Emmet Road will be social housing and paid for by the state.
However the council's Sandra McAleer, the project lead, says the government will only fund so much of the cost-rental bill;
"So under cost-rental we qualify for 150,000 euro a unit which equates to over 66 million.
The loan we require now based on pre tender estimates is just over €132 million so that sum could increase at tender stage but this is our best estimate."
Councillors will be asked to approve the borrowing programme next month.
Sinn Féin local city councillor Daithi Doolan has called for an end to the delays:
''Is there any way at all that we can speed up the procurement process? Because my concern is when they do some of the initial works, they are going to be levelling some of the buildings there and that itself can lead to anti-social behaviour and is not positive.
So can we make sure that developers are on site as quickly as possible building the homes that are so badly needed in that community. We've waited nearly a quarter of a century for this.''
Dublin - Inchicore -Emmet Rd Plans
