Developer Duros Development Corp. said it will launch in June this year a planned mixed-use project that will rise in a two-hectare property inside the San Carlos Seminary complex along Pope John Paul II Ave., Cebu City.
“We are fast-tracking the development because we were given the right to use the land for only 25 years,” Duros chairman Rafaelito A. Barino said at the sidelines of a recent economic forum.
Fe M. Barino, Duros director, said the development will cost around P700 million.
Duros was given by the Catholic Church usufruct rights over the two-hectare property in exchange for the construction, at no cost to the Church, of the 15,000-seater International Eucharistic Congress (IEC) Pavilion.
Initially, Barino said they were thinking of constructing within the property a convention hotel, commercial complex and a 2,000-square-meter mini-park. They will start working on the park first.
Company executives said the master plan for the development will be unveiled during the launching in June.
“There’s a whole story to the development that we don’t want to preempt. We will reveal the entire story in June,” said Lydwena Eco, business development manager.
The entire development will be turned over the Cebu Archdiocese after 25 years.