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The project marks the contractor’s entrance into the later living sector, which the business has strategically targeted to diversify its offering.
The scheme will see the redevelopment of the former ABC cinema site, which has been derelict for more than two decades, for 167 later living apartments.
The architecture will reflect the art deco cinema that formerly occupied the 1.5-acre brownfield site and the mid-century town hall which faces the building.
A new central courtyard and nine lower ground floor retail units will also be constructed, as well as a restaurant, private dining rooms, wellness facilities, and thoroughfares to different parts of the town.
Construction works are set to begin this month and once complete will trigger the landscaping process.
Shane McCullagh, director at McAleer & Rushe, said: “McAleer & Rushe have a long and established history of delivering homes, rooted in our origins within social housing in Northern Ireland and our expansion into the later living sector reflects a natural evolution of our capability.
“With decades of experience in both hotel and residential projects, including build to rent, co living, and affordable housing, we are well positioned with an enviable skillset and proven track record to enhance buildability for our industry partners.
“We see the later living sector increasing in the market, to meet the needs of today’s society for modern retirement housing that centres on community and social connection.”
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