Ires Reit - Ireland's largest landlord - has suffered a setback as a proposed 492-apartment development in Sandyford, south Dublin has failed to secure planning permission.
Dún Laoghaire-Rathdown County Council is concerned that the development would be "overbearing and monolithic."
According to The Irish Times, the firm has been asked to resubmit its proposals. This site previously had planning permission for 467 apartments - dating from 2006.
The company planned to build three 14-storey complexes with apartments and commercial units just off of the M50.
Total gross floor area of the new development was 57,256 sqm - it featured a creche, outdoor play area, and 1,551 car spaces.
The site was bought from NAMA for €87.5m in 2015.
This decision comes at a time when property supply in the capital linger at all-time lows and rents are above their Celtic Tiger peaks.
To the end of September 2016 Ires REIT reported that its net rental income rose by more than 50% compared to the same period 12 months earlier.
IRES Reit reports that its residential occupancy levels are at 99% as a lack of supply continues to squeeze the market.
