The US Embassy has formally announced its plan to purchase the site of the former Jury's Hotel in Ballsbridge.
As reported by The Journal, the US State Department of Overseas Buildings expects to close on the purchase of the 4.2-acre site within the next 60 days.
The seller will demolish the currently vacant hotel once the deal has been closed.
According to The Independent, the US government has signalled that it plans to spend nearly $700m (€640m) on a new Embassy. Design, planning and construction of the new Embassy will get underway once the acquisition is complete.
The Embassy described the current chancery at 42 Elgin Road as an “architechtural icon”, and said it will work closely with local partners to “ensure that a suitable plan for the site is developed once the embassy is relocated”.
The US Ambassador to Ireland Claire Cronin said: