How would you interpret the bit in bold below? I would read it as, “It’s not the goldmine we thought it would be so we’re putting on the brakes.” The problem will surely be that if they don’t hit some kind of critical mass in terms of new residents, the businesses, retail, creches, cinemas etc will struggle to even get off the ground.
Mr Moran said the partners have spent €50 million so far on infrastructure, including roads, sewage networks, parkland and sports facilities. They expect to spend the same amount again before the project is completed, though some of the costs will involve offsets between the developers and Dún Laoghaire Rathdown County Council
“Infrastructure of this nature has turned out to be significantly more complex than we anticipated,” Mr Moran said, adding that this will have a “drag on expected returns” on investment.