Grand Canal Innovation District in Dublin's Silicon Docks will host start-up businesses and established companies as well as research, education and community facilities.

Trinity College Dublin has unveiled the blueprints for a $1.1 billion (€1bn) technology and innovation campus at a 5.5-acre site near Grand Canal Quay and Macken Street, Dublin 2.

The new Grand Canal Innovation District will see the area, adjacent to Google’s European HQ and the area known as Silicon Docks, transformed for the use of start-up businesses and established companies as well as research, education and community facilities.

The project was launched on Thursday morning by Taoiseach (Prime Minister) Leo Varadkar who said the plans mirrored the Government's vision of making Ireland the tech capital of Europe and were a step to ensuring that the jobs of the future are created first here in Ireland.

Macken Street, Dublin, where Trinity College Dublin's new campus will be located.

Macken Street, Dublin, where Trinity College Dublin's new campus will be located.

“I am really excited about this plan to further develop the Silicon Docks as an innovation district involving a collaboration of business, Government and the university sector,”Varadkar said.

“It speaks eloquently to our vision of making Ireland the tech capital of Europe and our plans to ensure that the jobs of the future are created first here in Ireland. The development of the district will also help to ensure the continued balanced development of the area to the benefit of the local community.

“Many high-tech companies already have their European headquarters here; we have a young and talented workforce, a consistent and competitive corporation tax regime, and a strong reputation for attracting and encouraging investment. However, we can’t take this for granted and we always need to look at ways to improve Ireland’s competitive edge,” Varadkar added.

The innovation district will be similar to those set up in Boston, Toronto, Rotterdam and Barcelona. It is hoped the campus will attract talent, jobs and investment to the country. The campus will involve the local community in the area, with open spaces, retail outlets, services, and good access planned.

Provost of Trinity College, Dr Patrick Prendergast said the campus will be an anchor tenant in the area and will act like a catalyst for collaboration and partnership between industry and the universities.

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The tower of Google head quarters, by the site of Boland's Mill, in Dublin's Silicon Docks.iStock