Johnny Ronan has agreed a deal with Ulster Bank to acquire a site to the front of AIB’s headquarter building in Ballsbridge, opposite the RDS.

Irish Independent reports that the site, which includes four vacant office blocks which used to be occupied by the bank is likely be redeveloped, in a project which will be valued at €50m.

Ronan is understood to have the support of the Irish-based investment and financing firm, Cardinal Capital, run by Nick Corcoran and Nigel McDermott, which is also understood to be financing Ronan to develop the country’s highest building at Tara Street in Dublin’s city centre.

The high-profile developer exited NAMA in April after agreeing a €300m settlement with the agency.

Mr Ronan developed some of Dublin's best known buildings, including the Convention Centre and Google HQ.