RetailingInternational fashion retailer Zara is expected to complete contracts within days to take the anchor store in the redeveloped Eircom building next to the Gaiety Theatre on Dublin's South King Street.
Zara has always been the preferred choice for the main store in the €100 million complex which is due to open in a little over 12 months.
Zara will be paying a rent of over €1 million for 1,579sq m (16,000sq ft) on the ground and first floors of the centre which is to be developed by businessman Joe O'Reilly who is also one of the owners of the Dundrum Town Centre, the Pavilions in Swords and the Ilac centre off Mary Street.
Zara's arrival beside Grafton Street is likely to help reverse the fortunes of the city's main high street which has come in for increasing criticism because of its many tatty chain stores and an unusually high representation of mobile phone shops.
Other traders likely to be targeted for South King Street will be H&M, New Look, Virgin Megastore and JD Sports.
Joe O'Reilly is to build a five-storey over basement mixed-use block of 8,055sq m (86,703sq ft) on South King Street.
The 1980s Eircom building, which is currently being demolished, was bought more than four years ago for €32 million with the intention of replacing it with a high profile retail complex. Dublin City Council granted planning permission on two occasions for the retail project with the intention of promoting shopping along the street which flanks the St Stephen's Green shopping centre.
An Bord Pleanála overruled the first decision and a subsequent objection from a neighbour to the present scheme was eventually withdrawn.
Henry Street has seen a significant renaissance since Zara opened a concession store in the redeveloped Roches Store complex.
The South King Street project has been designed by the distinguished architect Andre Wejchert of A & J Wejchert.
Dublin City Council converted South King Street into a pedestrian street some years ago in the hope of promoting retail activity in the area.
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