Wexford County Council is to purchase the former Wexford Electronix site in Wexford Town.
NAMA currently holds the vacant site, which juts out from the coastline.
The Wexford People reports that the council plans to transform the plot into a financial services centre, though such a development will not occur in the near future. The newspaper also reports that the council intends to purchase the site before its price begins to rise.
In December 2001, Wexford Electronix Ltd. went into receivership following a decline in sales in the capital goods market. The company lost over 300 jobs in the months that followed, and the site has lain vacant since 2002.