In another historic business deal, Gov. Gwen Garcia officially handed over the possession of the Capitol’s Ciudad Property to Filinvest Land Inc. (FLI), represented by its president and CEO Tristan Las Marias, in a ceremony at noon on March 22.
The property, strategically located along Gov. M. Cuenco Avenue in Cebu City and adjacent to the bustling Cebu IT Park, is set to undergo a transformative development into a mixed-use modern hotel and office space, and is touted to be Cebu’s next lifestyle destination.
Under the Public-Private Partnership (PPP), FLI will undertake the development of the 1.4-hectare property governed by a Build-Transfer-Operate (BTO) agreement.
Upon completion, ownership of the property will be transferred to the provincial government, which will then grant FLI 25 years of exclusive right to manage and operate the property, allowing it to recoup its investments.
“You will not only earn revenue, but the moment we finish the building, the Province will stand to be the automatic owner of another multi-billion asset,” Las Marias said in his speech.
Aside from gaining additional assets without spending a single centavo for their development, the Capitol is also set to collect monthly rental fees as well as revenue share from gross income.
This is the Capitol’s second PPP with FLI, the first being a four-tower BPO Complex called Filinvest Cyberzone built on a 1.2-hectare Capitol property at the Cebu IT Park. Likewise governed by a BTO deal, it was first signed in 2012 during Gov. Gwen’s third term in office — or 12 years ago.
FLI, a renowned player in the real estate industry, will infuse its expertise in creating vibrant and sustainable urban spaces in the Ciudad Project. The envisioned mixed-use business park is poised to become a dynamic hub that caters to the evolving needs of businesses and visitors alike.
Gov. Garcia expressed her optimism about the venture, which she described as one of her unfinished businesses which convinced her to seek reelection for governor, as she aims to realize the full potentials of the Ciudad Property.
“We have that much faith and confidence in FLI that we do not need to wait for the silver anniversary or the golden anniversary. Twelfth year pa lang, we already affirm that this partnership will last for years, for generations to come,” Gov. Garcia said in her speech, in reference to the Filinvest Cyberzone.
Gov. Garcia said today’s landmark partnership is a “reaffirmation” of Capitol’s 12-year business relationship with the Gotianun family’s real estate company, which started their business right here in Cebu. She recalled the many negotiations that happened before both parties reached mutually beneficial venture terms.
With construction set to start soon, anticipation is high for the transformation of the Ciudad Property into a bustling epicenter of activity, further solidifying Cebu’s position as a premier destination for business and leisure. | Carlo Lorenciana