Megawide Construction Corp. has formally signed the agreement with Cebu City for the redevelopment of the latter’s Cebu Carbon market, the oldest and largest farmer’s market in Cebu City.
Megawide said the P5.5-billion agreement calls for the “construction, development, and operation of mixed-use assets” on the property which was named after the depot where coal was unloaded from the Cebu Railroad in early 1900.
“The term of the JVA (joint venture agreement) is 50 years, extendible for another 25 years upon mutual agreement of the parties,” the company said.
The redeveloped market is eyed to be part of Cebu’s heritage district composed of the restored Compania Maritama, an improved Freedom Park, and the upgraded Carbon market.
Jason Torres, Megawide head of corporate of affairs, was earlier quoted as saying Megawide plans to transform the area from Freedom Park to the seaside area of Carbon into a business center with in-city hotels, restaurant hub, parks, and a “well-designed” public market.
Megawide’s proposal will showcase the design of the old train station that used to stand in Freedom Park.
The site will be complemented with a wholesaler’s hub or bagsakan, a lifestyle village for shops and other establishments, a Boqueria or restaurant places; and in-city check-in hotels for travellers dropping off from the Mactan Cebu International Airport.