The 37-acre site of the national mint in Sandyford is set to be designated for social and affordable housing.
The Land Development Agency is preparing a list of suitable public lands for housing to the Government and the Central Bank site is expected to be included in that list.
Dun Laoghaire-Rathdown County Council voted for the site to be zoned for residential and open space purposes.
Councillor Barry Saul told Dublin Live that councillors felt the site was an ideal location to deliver affordable homes.
He said: "There's huge pressure on the lack of affordable housing in the area and it's something that we as councillors, are looking to make sure there's a provision for affordable housing so the people in the local areas of Dundrum, Stillorgan and surrounding areas have the ability to buy an affordable house or apartment.
"We just felt like State land, which is the National Mint and is over 30 acres, is a huge site.
"A lot of the area is just open space and grass. We felt that somewhere that is close to the M50 and close to public transport and somewhere that will deliver a good amount of houses is important to the area."
Councillor Saul said that they are ensuring proper infrastructure accompanies any houses that are built on the national mint site.
He said: "Not only affordable housing, we have also designated and zoned a number of acres for open space.
"We don't particularly want it to be high density. It needs to be higher density but we don't want it to be high density with no parkland or playing pitches or open space.
"We have zoned that open space and we have put that in so it won't be decided in the planning application, it's decided now.
"We have also put in a special local objective that there would be an indoor sports facility as well. The exact type of it would be up to the planning stages and up to whoever is going to fund it and deliver it.
"It's not just about delivering housing. It's about delivering homes not units and we have to make sure that the infrastructure is built in and around it."
A spokesperson for the Central Bank told Dublin Live: "We continue to conduct a Strategic Review into the future of the Currency Centre in Sandyford.
"If that Strategic Review recommends moving to another location, the Central Bank of Ireland will have due regard to the contents of the Land Development Agency Act and any planning regulations that are in place.
"If it is recommended that a change of location take place, the time frame for any move would be at least five to seven years."
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