Dublin Port Company plans to hand back a large section of Bull Island to the local community as part of a plan to redevelop the city's port facilities.
The redevelopment will have to first receive planning approval from An Board Pleanála before any transfer of land can be made.
The company said that it will also go into partnership with Fáilte Ireland and Dublin City COuncil to explore the possibility of constructing a new interpretative centre and international visitor experience at the Bull Island biosphere.
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Lying parallel to the shore off Clontarf, Bull Island is about five kilometres long and 800 metres wide.
The island, which grew as the pattern of sand movements in the bay changed, is a world-recognised bird habitat, and a UNESCO-designated biosphere reserve.
The Port currently owns around 10 hectares of land used for recreational purposes at the western end of the island, which includes access to Dollymount Beach.
The port company will also contribute up to €1.2 million towards the cost of the study, master plan and new services or facilities identified for Bull Island.
Minister for Transport, Tourism and Sport, Leo Varadkar commended Dublin Port for the initiative.
“Dublin Port’s gift to the people of Dublin will be welcomed by all and remembered for generations,” he said.