Cebu Landmasters, Cebu Archdiocese ink P900M Patria de Cebu deal
Cebu Archbishop Jose Palma (2nd from left) and Cebu Landmasters Inc. CEO Jose R. Soberano III (3rd from left) lead the contract signing for the redevelopment of the Patria de Cebu on Monday (Oct. 29) at the 38 Park Avenue Showroom at the Cebu IT Park. (CDN PHOTO/JUNJIE MENDOZA)
LEADING VisMin property developer Cebu Landmasters Inc. (CLI) recently signed a lease agreement with the Archdiocese of Cebu for a P900-million redevelopment of a 6,670 square-meter property in the heritage-rich downtown area of the Queen City of the South.
According to a CLI statement, the Patria de Cebu property, which currently offers budget-friendly accommodations for travelers, will be transformed into a mixed-use development. The approved masterplan will feature an integrated retail, office and hotel structure with a Rome-inspired plaza. The masterplan considers streetscape and pedestrian improvements for the revitalization of the surrounding downtown areas.
CLI and the Archdiocese of Cebu expect to complete project by 2021 to serve as a centerpiece of the 500th year celebration of Christianity in Cebu. Groundbreaking is scheduled in the first quarter of 2019.
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