Supporting the Well-being of Workers, Tenants, & the Community
Acquired by Bain Capital Special Situations in 2019, Newmarket Yards—a Class A redevelopment property located in Ireland’s historic Dublin 8 district—was a blank slate for our ESG ambitions. An urban infill site on vacant land, our Special Situations team had a strong vision for Newmarket Yards, and has since begun transforming it into a sustainable development that benefits a broad group of stakeholders.
Registered with the Considerate Constructor Scheme, a nonprofit that supports positive change in the construction industry, Newmarket Yards—which features a 413-unit multi-family building and 151-room hotel—incorporates fair labor practices across its construction. For workers on the site, the project not only meets but exceeds requirements for workplace health and safety, ongoing training, local labor, and rates of pay and pension offerings.
Beyond its focus on fair employment, Newmarket Yards is also a paragon for our other ESG pillars, including sustainability and community engagement. From an environmental perspective, the redevelopment—which was able to obtain green financing—includes an enhanced building envelope and upgraded, energy-efficient systems that reduce greenhouse gas emissions. These eco-conscious design elements mean that Newmarket Yards is on track to achieve BREEAM Excellent certification upon completion. Plus, the area itself is located in close proximity to public transportation—further supporting sustainable behavior.
From a community engagement angle, Newmarket Yards’ multi-family building includes a number of artist’s studios in its design. Upon completion, these will be rented to a local art collective at a low price point—and the space will also be able to host free art classes and exhibitions for tenants and others in the neighborhood.