The Elysian Explained

The Elysian
Map Type:Ireland Cork Central
Location:Eglinton Street, Cork, Ireland
Coordinates:51.8967°N -8.4634°W
Building Type:Office, residence
Floor Count:17[1] [2] (plus two basement garages)
Completion Date:2008
Roof:71m (233feet)[3]
Antenna Spire:79m (259feet)[4]
Top Floor:68.2m (223.8feet)

The Elysian is a mixed-use Celtic Tiger-era building at Eglinton Street in Cork, Ireland.[5] Construction of the building was completed in early September 2008.[6] When built it was the tallest building in the Republic of Ireland. It was overtaken by Capital Dock 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[7] [8] tower on the southwest corner of the site. The tower is 68.28 metres (224 ft)[9] to the top floor, making it the second tallest storeyed building in the Republic of Ireland. The complex includes an enclosed Japanese garden and a two-level basement garage.[10]

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.[11] 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 newspaper described the Elysian as a "Mary Celeste adrift in the recession."[12] 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, which bundled them as "Project Tower" and sold them for €1.1bn in May 2014 to Carbon Finance, a subsidiary of The Blackstone Group.[13] [14]

In December 2014, an Aldi supermarket opened on the ground floor.[15] [16] A dispute between O'Flynn and Carbon on repayments was settled in February 2015, with Carbon retaining ownership of the Elysian.[17] By May 2017, 180 of the 211 apartments available were let, with works ongoing to furnish the remaining 31 apartments.[18] As of 2017, it was announced that all apartments in the building were fully let.[19] [20] In April 2018, Blackstone sold the complex to Kennedy Wilson for a reported €87.5 million.[21]

See also

External links

Notes and References

  1. Web site: 2008 – The Elysian, Eglinton St., Cork . Archiseek . 2010.
  2. Web site: Elysian vision for high rise living in Cork . Irish Times . 18 September 2008 .
  3. Web site: The Elysian . Skyscraperpage.com . 6 December 2017 . The Elysian / Eglinton Street Cork Ireland / Status: built / Construction Dates Began: 2006 Finished: 2008 / Floor Count: 17 / Heights Spire: 262 ft Roof: 233 ft [=71m] Top floor: 224 ft .
  4. News: Cork anchor unit for over €13m. 9 April 2008. The Irish Times. 24 August 2015.
  5. Web site: Press release from O'Flynn Construction (2007). https://web.archive.org/web/20090818172424/http://www.oflynngroup.com/press_releases/elysian_2.html . 18 August 2009.
  6. News: Praise for new 'landmark' tower in Cork. Roche. Barry . 18 September 2008. The Irish Times. 21 September 2008.
  7. Web site: Eglinton Street . Skyscrapernews.com . 2005.
  8. Web site: Cork anchor unit for over €13m . Irish Times . 9 April 2008 .
  9. Web site: Emporis entry - The Elysian, Cork (EBN 233004). https://web.archive.org/web/20150924144729/http://www.emporis.com/buildings/233004/the-elysian-cork-ireland . dead . 24 September 2015 . Emporis (building database) . 22 August 2015 .
  10. News: Elysian vision for high rise living in Cork. 18 September 2008. The Irish Times. 21 September 2008.
  11. News: Ireland Loses Iceland Stigma as Euro Ensures No Return to Past. Richard . Tomlinson . Dara Doyle . 8 June 2009 . . 24 June 2009.
  12. News: Cork's Elysian is a 'Mary Celeste' adrift in the recession . The Irish Times . 10 October 2009.
  13. Web site: O'Flynn Construction Co. & ors & Cos Acts: O'Flynn & anor -v- Carbon Finance Limited & ors : Judgments & Determinations :. Irvine. Mary C.. 13 August 2014. High Court Judgments. Courts Service of Ireland. [2014] IEHC 458. 24 March 2016.
  14. Web site: Aldi wins Elysian go-ahead. Barker. Tommy. 3 April 2014. Irish Examiner. 24 March 2016.
  15. News: Aldi opens new store at The Elysian. 11 December 2014. Evening Echo. 11 December 2014. Cork. dead. https://web.archive.org/web/20141211133732/http://www.eveningecho.ie/2014/12/11/aldi-opens-new-store-at-the-elysian/. 11 December 2014. dmy-all.
  16. Web site: O'Flynn and Blackstone — it's a deal. O'Dwyer. Peter. 31 January 2015. Irish Examiner. 24 March 2016.
  17. News: O'Flynn Group strikes agreement with Blackstone. 13 February 2015. RTÉ News. 24 March 2016.
  18. Web site: Sitewatch: The Elysian, Port Lane, Cork. 4 May 2017. www.irishexaminer.com.
  19. Web site: Sale of Elysian set to surpass €100m. 18 September 2017. www.irishexaminer.com.
  20. Web site: Elysian tower lights up Cork sky to celebrate renting last apartment 10 years after being built. 18 December 2017. www.irishexaminer.com.
  21. News: Cork's Elysian sold to an international real estate company for €87.5m. 30 April 2018. Evening Echo. 1 May 2018.

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