The Teachers Insurance and Annuity Association of America, Australian superannuation fund HESTA and asset manager Eagle Street Partners have started above-ground work on their build-to-rent development at Castleforbes Business Park in Dublin’s North Docklands, with the joint venture advised by Nuveen Real Estate.

The first phase of the development is due for practical completion in the third quarter of 2025, the companies said, and will consist of 508 studios and one-bed apartments, 179 two-bed apartments and 15 three-bed apartments.

The circa 495K SF development is set to include new homes for rent across eight blocks, each with rooftop access, new community and public amenity space, an 18-storey residential tower, plus an adjacent hospitality offer.

Eagle Street is acting as developer and operator of the 702 rental apartments under its Resident Space operating platform, while the residential block will be built by John Paul Construction and financed by Apollo Global Management.

“Despite the challenging environment over the past year, we continue to believe in the strong fundamentals Dublin has to offer and remain active within the market,” Nuveen Director of European Housing Alisha Chauhan said in a statement.

“Due to the challenging macro environment, we are happy to be one of the few schemes delivering on-site after a period of constructive adaptation with our delivery partners and [we have] the ambition to add to our portfolio as we actively look for more opportunities in the market,” Eagle Street CEO and co-founder Shane Scully added.

Last year, Eagle Street was acquired by Arrow Global and has become a wholly owned subsidiary of the group. In the Irish residential market, alongside the Castleforbes project, Eagle Street is also under construction on a multiphase, 554-unit BTR development at East Road with joint venture partner Harrison Street.