The Elysian is a mixed-use

Celtic Tiger The "Celtic Tiger" ( ga, An Tíogar Ceilteach) is a term referring to the economy of Ireland from the mid-1990s to the late 2000s, a period of rapid real economic growth fuelled by foreign direct investment. The boom was dampened by a subseque ...

-era building at Eglinton Street in

Cork Cork or CORK may refer to: Materials * Cork (material), an impermeable buoyant plant product ** Cork (plug), a cylindrical or conical object used to seal a container ***Wine cork Places Ireland * Cork (city) ** Metropolitan Cork, also known as G ...

Ireland Ireland ( ; ga, Éire ; Ulster-Scots: ) is an island in the North Atlantic Ocean, in north-western Europe. It is separated from Great Britain to its east by the North Channel, the Irish Sea, and St George's Channel. Ireland is the s ...

. Construction of the building was completed in early September 2008. When built it was the tallest building in the Republic of Ireland. It was overtaken by

Capital Dock Capital Dock is a 22-storey mixed-use development at the junction of Sir John Rogerson's Quay and Britain Quay in the Dublin docklands. Developed by Kennedy Wilson, the site was acquired in 2012 and construction finished in 2018. Upon completio ...

in the Dublin Docklands in 2018. It now stands as the third tallest building in the Republic of Ireland and tallest in Cork.

Site description

It consists of a number of connected 6-8 storey buildings, with a 17-storey tower on the southwest corner of the site. The tower is 68.28 metres (224 ft) to the top floor, making it the second tallest storeyed building in the Republic of Ireland. The complex includes an enclosed

Japanese garden are traditional gardens whose designs are accompanied by Japanese aesthetics and philosophical ideas, avoid artificial ornamentation, and highlight the natural landscape. Plants and worn, aged materials are generally used by Japanese garden des ...

and a two-level basement garage.

Development

The building opened during an economic crisis in Ireland and by late April 2009, 80% of the 211 apartments remained unsold and 50% of the commercial units were vacant. As of October 2009 this situation continued, earning the building the nickname "The Idle Tower", a pun on a nearby hostelry known as The Idle Hour. An article in ''

The Irish Times ''The Irish Times'' is an Irish daily broadsheet newspaper and online digital publication. It launched on 29 March 1859. The editor is Ruadhán Mac Cormaic. It is published every day except Sundays. ''The Irish Times'' is considered a newspaper ...

'' newspaper described the Elysian as a "

Mary Celeste ''Mary Celeste'' (; often erroneously referred to as Marie Celeste) was an American-registered merchant brigantine, best known for being discovered adrift and deserted in the Atlantic Ocean off the Azores Islands on December 4, 1872. The Cana ...

adrift in the recession." Mandatory annual management fees for an apartment in the Elysian are €4,000 per year. In January 2010, developer O'Flynn Construction's debts of €1.8bn were acquired by the

National Asset Management Agency The National Asset Management Agency (NAMA; ga, Gníomhaireacht Náisiúnta um Bhainistíocht Sócmhainní) is a body created by the government of Ireland in late 2009 in response to the Irish financial crisis and the deflation of the Irish ...

, which bundled them as "Project Tower" and sold them for €1.1bn in May 2014 to Carbon Finance, a subsidiary of

The Blackstone Group Blackstone Inc. is an American alternative investment management company based in New York City. Blackstone's private equity business has been one of the largest investors in leveraged buyouts in the last three decades, while its real estate b ...

. In December 2014, an

Aldi Aldi (stylised as ALDI) is the common company brand name of two German multinational family-owned discount supermarket chains operating over 10,000 stores in 20 countries. The chain was founded by brothers Karl and Theo Albrecht in 1946, when ...

supermarket opened on the ground floor. A dispute between O'Flynn and Carbon on repayments was settled in February 2015, with Carbon retaining ownership of the Elysian. By May 2017, 180 of the 211 apartments available were let, with works ongoing to furnish the remaining 31 apartments. As of 2017, it was announced that all apartments in the building were fully let. In April 2018, Blackstone sold the complex to

Kennedy Wilson Kennedy Wilson is a global real estate investment company founded in 1977 and based in Beverly Hills, California, United States. In 1988, CEO and Chairman William J. McMorrow acquired the company. Kennedy Wilson focuses primarily on multifamily an ...

for a reported €87.5 million.

References

External links

Official website
{{DEFAULTSORT:Elysian Buildings and structures in Cork (city) Skyscraper office buildings in the Republic of Ireland The Blackstone Group Residential buildings completed in 2008 Office buildings completed in 2008 2008 in the Republic of Ireland Residential skyscrapers Office buildings in the Republic of Ireland Skyscrapers in the Republic of Ireland Apartment buildings in the Republic of Ireland

Site description

Development

See also

References

External links