The shopping complex will have close to 100,000 square meters and would involve the renovation and the demolition of certain existing structures to give way to a high-tech and interconnected group of buildings.
Jorge L. Araneta, chairman and president of the Araneta Group, said the resulting shopping complex would be a gateway to new experiences in shopping and entertainment as well as new business opportunities for retailers.
"The soon to rise mall would be the ultimate in modern entertainment," he said. "Aside from having a Cineplex with 10 to 12 movie theaters, the mall with embody modern design and technology."
It is already finalizing arrangements for the project.
This redevelopment plan is part of a bigger project called the Metro Centro Development Project of Quezon City Mayor Feliciano "Sonny" Belmonte.
Like the Araneta Group’s redevelopment plan, the Metro Centro seeks to transform Cubao into a world-class business district.
"The redevelopment plan will spur the development of Quezon City and give momentum to the Metro Centro," said Araneta.
Palafox Associates Philippines, led by Jun Palafox, has helped conceptualize the Metro Centro. It has considered the Araneta Center as the ideal "Inner Core" for the Metro Centro because of its ideal location and the infrastructure is already in place.
The Araneta Center is already a major transport hub, with almost 800,000 people passing by the area everyday. Aside from the public vehicle traffic at the intersection of EDSA and Aurora Boulevard, the MRT 3 station in Cubao has helped increase the number of people visiting the area. This number is expected to increase to more than one million when the LRT 2 becomes operational.