This comes after Pembroke Beach DAC, a consortium led by Johnny Ronan RGRE, received planning permission from Dublin City Council to build 502 apartments on the site of the former Irish Glass Bottle at Sandymount Strand, Dublin 4, in five distinct apartment buildings with a maximum height of six to seven stories.

In order to fulfil its Part V social housing duties, the developers must offer 50 units for social housing.

An approximate cost of €675,000 for the two-bedroom apartment and €495,000 for the one-bedroom flats is stated in a letter submitted with the application on behalf of Pembroke Beach DAC. This brings the total indicated cost for the 50 units to €29.25m.

Now that the business has proposed to sell 25 one-bedroom and 25 two-bedroom units, talks with Dublin City Council on the ultimate pricing may start.

The council's May 2017 rejection of Pembroke Beach DAC's request for 516 units on the same land was overturned by the planning approval award.

The funds administered by Oaktree Capital Management, L.P., Lioncor, and RGRE currently comprise the Glass Bottle Consortium after the National Asset Management Agency sold its stake in the group last year.

As the manager of the residential development, Lioncor is presently working on constructing 894 apartments in two stages.

With the current approval, there are now 1,396 residential dwellings at Glass Bottle that have been given permission to build; the first completions are scheduled for the fourth quarter of 2025.

Lioncor CEO John Maxwell stated, “The success of this planning application at Glass Bottle has been the result of the successful collaboration between ourselves, our design team, and Dublin City Council.”

Lioncor is eager “to activate this new phase by year end,” he continued.

Included in the revised plan are 117 build-to-rent apartments. According to Tom Phillips + Associates, the scheme's planning experts, the planning application has addressed the prior grounds for denial.

“With the development of Glass Bottle, 37.2 acres of industrial land will be transformed into an integrated and vibrant new place for all Dubliners," said a statement from Lioncor. The goal and objective for the property is to build a new, well-balanced community with inexpensive, rental, communal, and private housing.”

The Irish Glass Bottle site redevelopment has already received parent approval from the Council, allowing for the construction of roadways, transit, water services, utility infrastructure, public realm and public amenity areas in January 2020.

Johnny Ronan and Oaktree agreed to buy 80% of the old Irish Glass Bottle facility and surrounding property, NAMA stated in December 2020.

At the time, it was claimed that the winning bid of €200 million exceeded expectations for the controlling interest.