A firm established by Kerry-born, but New York-based property developer, Kevin O’ Sullivan, has acquired the key Port of Cork site where the twin arms of the river Lee rejoin to the east of the city centre at the Custom House, in a €5m deal.

The new owners, Tower Development Properties, plan to invest up to €100m on the site including tourism, cultural and heritage uses for many of the existing protected structures as well as a boardwalk along the quayside, according to The Irish Examiner.

Central to the redevelopment is a planned new tower that would soar to a height of between 30 and 40 storeys – double the height of Liberty Hall in Dublin – that would incorporate hotel, office and residential uses.

We’ve seen ambitious plans like these before, but Kevin O’ Sullivan and his brother, Donal have a serious track record in New York and have participated in the redevelopment of Ground Zero site and the Apple Flag Ship store in Manhattan, where they are also currently developing a 77-storey tower.

Images of the development which appeared in the Irish Examiner

The proceeds of the site sale will be used by the Port of Cork to part finance its move downstream to Ringaskiddy.

"I’ve seen the ups and downs of the US economy; this has to happen now for Cork, the city doesn’t want to miss out on another cycle," developer Kevin O’ Sullivan told the newspaper.