The project, which will see Dublin Institute of Technology move from 39 different sites across the capital to a new campus at Grangegorman in north Dublin is likely to cost close to €1 billion.
It will be one of the most expensive infrastructural projects ever undertaken in the education sector.
The project is also designed to reinvigorate a 70-acre site in the north-inner city. The scale of the project is staggering, stretching from Smithfield and across a swathe of north Dublin bordering Grangegorman, Phibsboro, Broadstone and Manor Street.
So, how will it be funded?
Original estimates put the cost of the project at €750 million, but observers say this will reach €1 billion.
The current plan involves:
About €200 million of the cost will be borne by the Government.
A further €200 million will come from the sale of DIT-owned properties around Dublin. These include well-known landmarks such as the College of Catering on Cathal Brugha Street and the facilities at Kevin Street and Aungier Street. This figure is being revised upward as property prices increase.
€250 million from commercially-generated revenue, including student apartments, shops and other facilities on the site.
€50 million from philanthropists.
Students will move to the campus in the 2007-2010 period. It is expected that the development will be completed in 2014.
DIT stresses that the site is being developed in close co-operation with the local community.
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