Capital Dock City Campus Development Reaches Completion in Dublin Delivering One of the Largest, Single-Phase Developments Ever Built in Ireland
Transformative Project Includes Ireland’s Tallest Residential Tower,
Creating a New Urban Center
BEVERLY HILLS, Calif.--(BUSINESS WIRE)--
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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Investors
Daven Bhavsar, CFA
Director of Investor
Relations
+1 (310) 887-3431
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Media
Emily Heidt
Director of Public Relations
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Source: Kennedy Wilson