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The Elysian

Coordinates: 51°53′48″N 8°27′48″W / 51.896676°N 8.463367°W / 51.896676; -8.463367
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For other uses, see Elysian (disambiguation).

The Elysian
The Elysian tower, June 2009
The Elysian is located in Cork Central
The Elysian
Location within Cork Central
General information
TypeOffice, residence
LocationEglinton Street, Cork, Ireland
Coordinates51°53′48″N 8°27′48″W / 51.896676°N 8.463367°W / 51.896676; -8.463367
Completed2008
Height
Antenna spire79 metres (259 ft)[1]
Roof71 metres (233 ft)[2]
Top floor68.2 metres (224 ft)[2]
Technical details
Floor count17[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] 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

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

Development

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The Elysian in 2017 viewed from Eglinton Street

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

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References

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  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 from the original on 18 August 2009.
  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). Archived from the original on 24 September 2015. Retrieved 22 August 2015.{{cite web}}: CS1 maint: unfit URL (link)
  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. ^ "Sitewatch: The Elysian, Port Lane, Cork". www.irishexaminer.com. 4 May 2017.
  19. ^ "Sale of Elysian set to surpass €100m". www.irishexaminer.com. 18 September 2017.
  20. ^ "Elysian tower lights up Cork sky to celebrate renting last apartment 10 years after being built". www.irishexaminer.com. 18 December 2017.
  21. ^ "Cork's Elysian sold to an international real estate company for €87.5m". Evening Echo. 30 April 2018. Retrieved 1 May 2018.
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