McGregor who owns multiple businesses - including Proper No. Twelve Irish Whiskey - has confirmed that the new public space will include housing, a supermarket and will be a “stones throw” from the National Children’s Hospital in Crumlin.
Earlier today he tweeted that the development would consist of; “Housing plus multiple amenities to be built on this amazing mega site, which sits sun facing adjacent the main city centre Luas line.
"One amenity being a brand name supermarket! A stones throw from the National Children’s Hospital in Crumlin. As well as St. James hospital also.”
The MMA fighter paid up to €19 million for the site on the Davitt Road near where he grew up in Dublin 12, The Currency has reported.
It is understood McGregor will spend as much as €100 million developing the new residential quarter.
It comes as this week McGregor purchased the former Heidelberg / Miller building and SCR Garage sites for about €15 million, while he secured the adjoining Marble Arch pub for about €1.5 million.
Work is also continuing by his representatives to purchase another site which formerly housed a paint shop.
It is expected McGregor could build up to 300 apartments as well as other commercial units once he breaks ground on the development.
Planning permission for 188 build-to-rent apartments plus two commercial units and a public realm area has already been secured for the former Heidelberg / Miller building and SCR Garage sites.
Meanwhile, it is understood McGregor is hoping to develop part of this second site as social and affordable housing.
Yesterday, McGregor took aim at many aspects of the pandemic including the government, and vaccines.
The MMA fighter posted about the new Covid variant first detected in Botswana.
“Guys did you hear? We’ve to watch out for this Botswana yoke now,” he said in a tweet.
“It sounds serious,” he continued. “It’s not protected against our vaccines also. ‘Vaccine laughed at’ it said. Crazy! Chances of hitting the deck have now trebled again, so back in your box.”
"This Message directly from tony baloni,” he said, taking a swipe at HSE Chief Medical officer Tony Holohan.
“Oh no! This Botswana is worse than the delta!” he said in a follow up tweet, adding: “But trust me when i say, IT’S F**K ALL TO THE ALPHA! Oh yes!”
The 33-year-old is currently enjoying a holiday in the sun with his wife Dee Devlin.