FAPDC, a consortium of foreign and local capitalists who won the bid to develop the 2.7 hectare property owned by the Cebu Provincial government, vowed to complete the initial development in the next 12 months, providing a one-of-a-kind tourism destination along Banilad area, adjacent to the 25-hectare Cebu Asia Town IT Park.
Envisioned as the premier commercial tourist spot with extensive shopping selection, dining, entertainment, emphasizing Cebu's wide-array of unique arts and culture heritage, the project will be designed to showcase Cebu's architecture heritage theme.
The Fifth Avenue consortium led by Cebuano Robert Dino, with three international partners, namely WLG Singapore, China Team, and IPay Limited Hong Kong, was given a 50-year lease contract by the Cebu Provincial government renewable after the first 25 years.
According to Jose Allado Jr., the consortium's spokesperson, immediately after the completion of the integrated commercial and tourism component, a 300-room hotel will rise within the 2.7 hectare property.
The consortium targets to turn over the commercial spaces to tenants by August of 2007. Earth-shaking works, like building the soil foundation will start before few days from now, while vertical construction of the project starts early January.
In her speech during the formal groundbreaking ceremony Tuesday, Cebu Provincial Governor Gwen Garcia described the Fifth Avenue project as an "out-of-the-box" development, which will further pull up Cebu's bid to become the major tourism destination, not only in the Philippines, but in Asia.
Aside from being the lessee of the lot, the Cebu Provincial government will have a revenue share of the entire development, Allado said.
One of the highlights of the project is the establishment of 600 available micro-retail stores that will offer all-Cebuano goods and services, such as pasalubong items, delicacies, Carcar-made shoes, among others.
There will also be a stretch wine cellar component, along with coffee shops.
Architect Jose Danilo A. Silvestre, the principal architect of DA Silvestre Associates said this project is the first of its kind being created in the entire Philippines.
This is specifically designed to emphasize the tourism touch, with two to three stories pedestrian oriented ambiance, each component of the development will showcase Cebu's architectural heritage.
"The project is geared towards promoting heritage and culture of Cebu," Silvestre said.
The entire development, excluding the hotel component will provide tourists a glimpse of Cebu-in-a-day.
This province-owned property, formerly occupied by the Cebu International School, had been the subject of interest from capitalists including retail giant Henry Sy, whose company SM Prime Holdings participated the bidding held early this year, but the government awarded the development to the Dino-led consortium.