The former Clery's workers will receive 'significant' compensation as part of a new deal.
The 135 workers who were made redundant back in June 2015 will receive a good will payment and there's also the possibility that they will be rehired when the building is revamped.
While the full terms of the agreement are being kept confidential, SIPTU have withdrawn their objection to planning permission at the site.
Visualisation of the proposed revamp of Clerys via hjlyons.com
The deal also means that the north inner city will benefit from training and employment. Former workers secured the agreement from the new owners after SIPTU withdrew it opposition to the buildings redevelopment.
In total over 400 staff and concession workers lost their jobs when the department store closed almost two years ago.
The new deal will allow the re-development of the O'Connell Street store, which will likely re-open in around 3 years.
Former workers gathered at the Mansion House this morning for a press conference with the Lord Mayor, reps from SIPTU and developers Natrium.
Dublin’s Lord Mayor Brendan Carr said ‘’I hope future Lord Mayors will never have to pass the vacant building like I did last St Patrick’s Day. I hope they will pass a bustling place. I hope by 2022 we will have an iconic building which will provide good, quality, fair employment and ensure the future of a part of the city that’s so close to my heart.’’
He also paid tribute to the reps from SIPTU and Natrium noting that they had overcome several months of disagreements.
Late last year, Dublin City Council gave owners Natrium the go ahead to turn the former department store into an hotel along with offices, high-end boutiques and entertainment facilities.
The company had also revealed plans to create a "rooftop destination" area which would include a bar and restaurant.
The trade union is no longer standing in the way of those plans after a deal was reached with the Justice For Clery's Workers campaigners in relation to their concerns.
Despite the project now having planning permission, former Labour minister of state Joe Costello has lodged an observation to An Bord Pleanála.
He's raised concerns in relation to the site on the grounds he believes it will be overdeveloped and the finished product won't fit in with the vision for O'Connell Street.
Costello claims "(it) would interfere with the iconic character of the Clery's building" and would appear visually obstructive on the GPO which is a national monument.
He's calling for O'Connell Street and its environs to be re-established as a place of "importance in the social and cultural life of citizens and visitors, where... property owners and occupiers acknowledge their obligations as stakeholders and workers are assured fair working conditions in this area of special significance to the Irish Nation”.
Previously Natrium has said the project would create over a thousand construction jobs and more than 2000 when businesses begin trading there. It's also claimed it would lead the regeneration of O'Connell Street.
Clery's shut unexpectedly in June 2015 with the loss of more than 450 jobs. It had been in operation for over 160 years.
Only direct employees received statutory redundancy payments, which were funded by the taxpayer.