The Elysian

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The Elysian
Elysian tower Cork.JPG
The Elysian tower, June 2009
General information
Type Office, residence
Location Eglinton Street, Cork, Ireland
Coordinates 51°53′48″N 8°27′48″W / 51.896676°N 8.463367°W / 51.896676; -8.463367Coordinates: 51°53′48″N 8°27′48″W / 51.896676°N 8.463367°W / 51.896676; -8.463367
Completed 2008
Height
Antenna spire 79 metres (259 ft)[1]
Roof 71 metres (233 ft)[2]
Top floor 68.2 metres (224 ft)[2]
Technical details
Floor count 17[3][4] (plus two basement garages)

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] It is the tallest building in the Republic of Ireland.

Site description[edit]

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 tallest storeyed building in the Republic of Ireland, surpassing the Google Docks building in Dublin. The complex includes an enclosed Japanese garden and a two-level basement garage.[10]

Development[edit]

The Elysian in 2017

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.[citation needed] 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[edit]

References[edit]

  1. ^ "Cork anchor unit for over €13m". The Irish Times. 9 April 2008. Retrieved 24 August 2015. 
  2. ^ a b "The Elysian". Skyscraperpage.com. Retrieved 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 
  3. ^ "2008 – The Elysian, Eglinton St., Cork". Archiseek. 2010. 
  4. ^ "Elysian vision for high rise living in Cork". Irish Times. 18 September 2008. 
  5. ^ Press release from O'Flynn Construction (2007) Archived 18 August 2009 at the Wayback Machine.
  6. ^ Roche, Barry (18 September 2008). "Praise for new 'landmark' tower in Cork". The Irish Times. Retrieved 21 September 2008. 
  7. ^ "Eglinton Street". Skyscrapernews.com. 2005. 
  8. ^ "Cork anchor unit for over €13m". Irish Times. 9 April 2008. 
  9. ^ "Emporis entry - The Elysian, Cork (EBN 233004)". Emporis (building database). Retrieved 22 August 2015. 
  10. ^ "Elysian vision for high rise living in Cork". The Irish Times. 18 September 2008. Retrieved 21 September 2008. 
  11. ^ Tomlinson, Richard; Dara Doyle (8 June 2009). "Ireland Loses Iceland Stigma as Euro Ensures No Return to Past". Bloomberg L.P. Retrieved 24 June 2009. 
  12. ^ "Cork's Elysian is a 'Mary Celeste' adrift in the recession". The Irish Times. 10 October 2009. 
  13. ^ Irvine, Mary C. (13 August 2014). "O'Flynn Construction Co. & ors & Cos Acts: O'Flynn & anor -v- Carbon Finance Limited & ors : Judgments & Determinations :". High Court Judgments. Courts Service of Ireland. pp. [2014] IEHC 458. Retrieved 24 March 2016. 
  14. ^ Barker, Tommy (3 April 2014). "Aldi wins Elysian go-ahead". Irish Examiner. Retrieved 24 March 2016. 
  15. ^ "Aldi opens new store at The Elysian". Evening Echo. Cork. 11 December 2014. Archived from the original on 11 December 2014. Retrieved 11 December 2014. 
  16. ^ O'Dwyer, Peter (31 January 2015). "O'Flynn and Blackstone — it's a deal". Irish Examiner. Retrieved 24 March 2016. 
  17. ^ "O'Flynn Group strikes agreement with Blackstone". RTÉ News. 13 February 2015. Retrieved 24 March 2016. 
  18. ^ http://www.irishexaminer.com/property/sitewatch-the-elysian-port-lane-cork-449279.html
  19. ^ http://www.irishexaminer.com/business/sale-of-elysian-set-to-surpass-100m-459148.html
  20. ^ http://www.irishexaminer.com/breakingnews/ireland/corks-iconic-elysian-tower-celebrates-as-last-apartment-is-filled-10-years-after-being-built-819300.html
  21. ^ "Cork's Elysian sold to an international real estate company for €87.5m". Evening Echo. 30 April 2018. Retrieved 1 May 2018. 

External links[edit]