The Smithwick's Brewery in Kilkenny is being considered for a redevelopment programme by the Ireland Strategic Investment Fund (ISIF), the Irish Times reports.
The proposed regeneration would see dedicated businesses, enterprise and a third-level research facility built on the site, built in phases. The proposal from the ISIF comes after a number of Irish and international companies had already inquired about the site.
The fund would prove equity and loan finance for the initial phases while the council would be involved in the further development of the brewery site. The council is considering the proposal.
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Eugene O'Callaghan, director of the ISIF was positive of the progress it had made with the council and predicted a successful investment if structured appropriately.
"Projects of this nature are consistent with the ISIF's dual mandate to seek both investment return and economic impact from the investment it makes," said O'Callaghan.
The ISIF replaced the National Pensions Reserve Fund and has so far invested €1.5 billion on commercial activities, tasked to spur economic and employment growth.