Development company Tower Holdings are moving ahead with plans for the 15-storey Prism office building in the centre of Cork.

Preparatory works have begun on the site and a main contractor has been appointed to the €20m project, close to Parnell Bus Station.

Prism is the first development in Cork by New York's Tower Holdings Group’s. The company is also awaiting a planning decision on its proposal to develop Ireland's tallest building on the Port of Cork's Custom House Quay site.

Taking its inspiration from the famous Flatiron Building in NYC, The Prism building is designed by Cork-based Reddy Architecture + Urbanism.

Positioned on a triangular-shaped brownfield derelict site and with a footprint of 310 square meters, the tower will stand at 15 floors tall, offering office space with views over the city.

Preparatory works are expected to take a number of weeks to complete before full construction can commence and the development is scheduled for completion in late 2021.

"Tower Holdings Group can confirm that preparatory works have begun on the site of The Prism Building on Clontarf Street in Cork city centre," a spokesperson confirmed to the Irish Examiner.

"A main contractor has been appointed to construct the 15 storey building, which is due for completion in Q4 in 2021."

Tower Holdings said it will work closely with Cork City Council to minimise disruption to traffic during the construction phase.