Description
The Elysian is a mixed-use Celtic Tiger-era building at Eglinton Street in Cork, Ireland. Construction of the building was completed in early September 2008.It consists of a number of connected 6-8 storey buildings, with a landmark 17-storey tower on the southwest corner of the site. The tower is 68.28 metres (224 ft) to the top floor, making it the tallest storeyed building in the Republic of Ireland, surpassing the Google Docks building in Dublin. The complex includes an enclosed Japanese garden and a two-level basement garage.The building opened during an economic crisis in Ireland and by late April 2009, 80% of the 211 apartments remained unsold and 50% of the commercial units were vacant. As of October 2009 this situation continued, earning the building the nickname "The Idle Tower", a pun on a nearby hostelry known as The Idle Hour. An article in The Irish Times newspaper described the Elysian as a "Mary Celeste adrift in the recession" Mandatory annual management fees for an apartment in the Elysian are €4,000 per year. In January 2010, developer O'Flynn Construction's debts of €1.8bn were acquired by the National Asset Management Agency, which bundled them as "Project Tower" and sold them for €1.1bn in May 2014 to Carbon Finance, a subsidiary of The Blackstone Group. In December 2014 an Aldi supermarket opened on the ground floor. A dispute between O'Flynn and Carbon on repayments was settled in February 2015, with Carbon retaining ownership of the Elysian.
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