A US investment firm has announced it will bring thousands of homes to Dublin's southside suburb of Cherrywood.

Hines yesterday launched its development plan, which includes 3,800 homes and apartments, as well as schools, leisure facilities and 170,000sqm of office space.

A fully-pedestrianised town centre will also feature. It will be raised to the level of the Luas line which passes through the site, and modelled on New York City's famous high-line.

The firm purchased the 400 acre site, on either side of the M50 for €272m last year. 

Senior Managing Director at Hines, Brian Moran stated: 

"We want to deliver the housing and amenity elements of the plan up front and we are working in collaboration with Dun Laoghaire-Rathdown County Council to get to that point. We are very hopeful that before the end of this year, we can start constructing the roads infrastructure and the three major new parks planned for Cherrywood.

"We are also acutely aware of the need for housing in the Dublin region and Cherrywood offers a unique opportunity, both regionally and nationally, to display the potential of integrated master planning. We are very pleased to have now reached the stage where we can start sharing this vision with the public and we look forward to soon beginning to build the communities these exciting plans envisage."

The firm predicts 10,000 new residents and 15,000 new workers in Cherrywood following the completion of the project.