The now infamous Ard Dealgan apartments could sold by the end of the year by the Irish Bank Resolution Company (IBRC).
The block on Quay Street has fallen into ruin since it was officially declared unfit for human habitation upon completion, and it has become both an eyesore and a mecca for antisocial behaviour.
The apartments which were originally developed by former IRA hunger striker Tom McFeeley, will be sold as part of a package of non-performing loans by IBRC, who are set to sell off some €22 billion in assets.
The development has once more been thrust into the limelight as its sister property, the notorius Priory Hall gains column inches in the national media.
Speaking to the Dundalk Democrat, Cllr Mark Dearey, who has spearheaded efforts to deal with the derelict apartments, said Ard Dealgan is a very different case to Priory Hall.
“It’s not really the same situation, as Priory Hall was given approval when it was finished, unlike Ard Dealgan.
“Thankfully no one ever began living in Ard Dealgan.
“I’ve been in direct communication with IBRC on Ard Dealgan.
“I understand that it will be sold as a ‘basket’ of non-performing properties loans, and that it will be sold between December 2013 and the end of the year.”
The IBRC have separated the loans in four subsets, namely Evergreen, which go on sale this week; Sand, Rock and Stone. Ard Dealgan will be included in one of these packages, most likely Sand.
“I’ve sought assurances from IBRC, namely that there be no cherry picking to avoid Ard Dealgan, and that who ever takes over the loan, and would effectively own it, will then sit down with local stakeholders and bring the site to some kind of resolution.
“I’ve also let the town clerk know of the situation.
“Will they want to knock it? Will there be a change of use on the land? Will they want to sit on it and hope property prices recover? I don’t know. “Whatever happens and whoever takes over the site, what is needed is some light at the end of the tunnel for the battle weary residents of Quay Street.”
The liquidators have been instructed by Minister for Finance Michael Noonan to get confidential, independent valuations of the IBRC assets by November 30th. The assets must be sold by the liquidators at or above these valuations, and any assets not sold by the end of the year will be transferred to the National Asset Management Agency (NAMA).
It is likely that Ard Dealgan will be sold at a knock down price as it is extremely unlikely that McFeeley will ever repay the loan.
According to Cllr Dearey the building is currently vacant although it had been used by local homeless people up to and including a few weeks ago. There was also a fire at the complex in recent weeks.