The Breeden company, which owns and manages Breeden buildings, said it will build a hotel at the site of the former National Bank of Ireland building in the city.
It will also lease the property for a hotel and apartment blocks.
Breeden also owns the property and the adjoining property at Kildare Street in Dublin.
The company said it would not disclose the cost of the project, which will involve building an enclosed garage and a new car park on the site.
The company will work with a team of specialists to develop the site, which is a former building site of a bank.
It is expected that the hotel and car park will be completed by the end of the year, and will be open to the public.
The property company said there were more than 200 properties in Breeders portfolio, including a number of property developments including the former Irish National Bank building in Kilkenny, the former Soho Hotel and the former TD Bank building at Kilkent.
The project will involve a mix of commercial and residential developments on the property, it added.
Breeden’s property portfolio includes properties at the Dublin Airport, a building in Leinster House, and a hotel in Clontarf.
Its managing director of Ireland, Mark Brannon, said Breeden was a major investor in the Irish financial services sector, and would be providing an additional $20m in financing to help with the construction of the hotel.
He said the project would contribute to a strong and vibrant Irish economy.