Sometimes you can only start to pick up the trails of a story after it happens. And this is how we can start to interpret the surprise move this week by Transport Infrastructure Ireland (TII) to buy the former Carlton Cinema site on O’Connell Street, Dublin, and some adjacent vacant lots. This was couched as a move connected to the development of the MetroLink railway and a station planned for the site. But there is more going on here. A lot more.

Central to this is a plan to redevelop the site to provide housing on Dublin’s landmark thoroughfare – and, as is happening across the housing market, to have the State dive in to drive it all and take on a lot of the risk.

Meanwhile, underneath, a station for the giant MetroLink is due to be built. A key test of Ireland’s infrastructure and housing and development ambitions are about to take place in a small area in Dublin’s North inner city.

TII may have bought the site. But this development is going to be taken on by a so-called special purpose vehicle (SPV) – a subsidiary company typical in development projects – the establishment of which was announced by the Government in April, to be headed by senior public servant Robert Watt. It is charged with redeveloping key parts of the city centre, particularly around O’Connell Street, following the recommendations of the Dublin City Taskforce.

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