The Elysian

For other uses, see Elysian (disambiguation).
The Elysian

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 76.28 metres (250 ft)[1]
Roof 68.28 metres (224 ft)
Technical details
Floor count 17 (plus two basement garages)

The Elysian is a mixed-use Celtic Tiger-era building at Eglinton Street in Cork, Ireland.[2] Construction of the building was completed in early September 2008.[3]

It consists of a number of connected 6-8 storey buildings, with a landmark 17-storey [4] tower on the southwest corner of the site. The tower is 68.28 metres (224 ft)[5] 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.[6]

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.[7] 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"[8] 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.[9][10] In December 2014 an Aldi supermarket opened on the ground floor.[11][12] A dispute between O'Flynn and Carbon on repayments was settled in February 2015, with Carbon retaining ownership of the Elysian.[13]

See also

References

  1. ↑ "Cork anchor unit for over €13m". The Irish Times. 9 April 2008. Retrieved 24 August 2015.
  2. ↑ Press release from O'Flynn Construction (2007)
  3. ↑ Roche, Barry (18 September 2008). "Praise for new 'landmark' tower in Cork". The Irish Times. Retrieved 21 September 2008.
  4. ↑ Eglinton Street from skyscrapernews.com (2005)
  5. ↑ "Emporis entry - The Elysian, Cork (EBN 233004)". Emporis (building database). Retrieved 22 August 2015.
  6. ↑ "Elysian vision for high rise living in Cork". The Irish Times. 18 September 2008. Retrieved 21 September 2008.
  7. ↑ 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.
  8. ↑ "Cork's Elysian is a 'Mary Celeste' adrift in the recession". The Irish Times. 10 October 2009.
  9. ↑ 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.
  10. ↑ Barker, Tommy (3 April 2014). "Aldi wins Elysian go-ahead". Irish Examiner. Retrieved 24 March 2016.
  11. ↑ "Aldi opens new store at The Elysian". Evening Echo. Cork. 11 December 2014. Retrieved 11 December 2014.
  12. ↑ O'Dwyer, Peter (31 January 2015). "O'Flynn and Blackstone — it's a deal". Irish Examiner. Retrieved 24 March 2016.
  13. ↑ "O'Flynn Group strikes agreement with Blackstone". RTÉ News. 13 February 2015. Retrieved 24 March 2016.
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