In July 2005 the council announced a framework plan to redevelop the area surrounding the old fruit and vegetable markets and the fish market southeast of the Four Courts.
The project was to involve private investment of more than €400 million to build a new food market, restaurant and general retail market within the retained Victorian fruit and vegetable market building and the site of the fish market.
Some 600 homes and 60,000sq metres of office/retail units were also to be built in the area. The market square and surrounding infrastructure was also expected to be granted up to €25 million in exchequer funding.
The new market will link Henry Street with Smithfield.
Demolition of the fish market did begin in November 2005, but subsequent development stalled, largely, it is understood, due to difficulties in negotiations with the existing stall-holders in the market.
However Mr Tierney said that a preferred bidder to develop the area had been identified and would be announced this year.