Moore Street and Upper O’Connell Street in Dublin are set to be transformed under plans for a long-awaited redevelopment, which have been revealed for the first time.

UK property group Hammerson has decided to scrap the existing planning permission for a €1.25 billion enclosed shopping complex on the six-acre site in favour of an open scheme. It will see the historic street pattern restored, a new east-west pedestrian street between O’Connell Street and Moore Street, two new civic squares, shops, offices, apartments, a hotel and metro station.

Central to the scheme is a “historical trail” to commemorate 1916 Rising events and locations through the site. Last year the Court of Appeal overturned a declaration that buildings on and around Moore Street, part of the Hammerson site, constituted a national monument following a case taken by the State.

However, State-owned buildings at 14-17 Moore Street remain national monuments and are due to be developed separately as a 1916 Rising Commemorative Centre. Hammerson will refurbish 10 Moore Street, which will be used for retail, and the facades of 11-12 Henry Place, 17-18 Henry Place and 5 Moore Lane to “respect original fabric related to 1916”.

A map showing the proposed O’Connell Street redevelopment

The facade of the old Carlton cinema will be restored, though it will be used for retail and the cinema relocated to Moore Lane. Photograph: Alan Betson

On O’Connell Street, the facade of the old Carlton cinema will be restored, though it will be used for retail and the cinema relocated to Moore Lane. Three protected structures, 42 O’Connell Street – the last remaining Georgian house on the street, O’Connell Hall at the back of No 42, and Conway’s pub on Parnell Street, will be restored in full.

Hammerson will seek planning permission for the development early next year and hopes to complete work by the end of 2024.

A computer-generated image of the proposed O’Connell Street redevelopment