Institute in Shannon close to a nice part of the world? (7)

I believe the answer is:

riviera

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'nice part of the world?' is the definition.
I can't tell whether this defines the answer.

'institute in shannon close to a' is the wordplay.
'institute' becomes 'i' (common abbreviation as in MIT).
'in' indicates putting letters inside.
'shannon close' becomes 'river' (I can't explain this - if you can you should believe this answer much more).
'i' going into 'river' is 'rivier'.
'rivier'+'a'='RIVIERA'

Can you help me to learn more?

(Other definitions for riviera that I've seen before include "Part of Med coast" , "Coastal region between Cannes and La Spezia" , "Warm coastal region" , "Fr./Italian coastal region" , "French Mediterranean holiday area" .)

I've seen this clue in the Irish Times and the Irish Times (Crosaire).

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