Kerry County Council has officially taken ownership of almost 14 acres of prime land in Kenmare.
The site will now be developed as a public amenity for the town.
Known as The Peninsula, the 50 acres of land sold for almost €20 million euro during the boom; it stretches along the coastline from Kenmare Pier to the mouth of the Finnihy River.
It was originally set to be developed as a major residential and commercial area, before it was ultimately transferred to NAMA, which sold it to Oaktree Capital.
Following lengthy negotiations, Kerry County Council has now acquired 13.7 acres of the site.
The local authority says it will proceed with councillors to examine the future potential and development options for this valuable amenity.
Kenmare Senator Mark Daly says he’s been working with Mickey Ned O’Sullivan and Reverend Michael Cavanagh for the past six years, to ensure the property came into public ownership for the benefit of the community.
He’s looking forward to hearing people’s ideas to see what amenities should be placed on the land.
Local Fine Gael Cllr Patrick Connor-Scarteen has called on the council to draw up plans for a park which he believes will be a fantastic addition to the town.