After building the P550-million International Eucharistic Congress (IEC) Pavilion at no cost to the Archdiocese of Cebu, developer Duros Development Corp. plans to develop a two-hectare lot within the Seminario Mayor de San Carlos into a mixed-use complex.
Fr. Brian Brigoli, venue head for IEC, said Duros is developing the property under a 25-year Build-Operate-Transfer (BOT) contract.
“They spent a lot for the IEC pavilion and this is our way to help them recover their investment,” Brigoli said.
Rafaelito Barino, Duros president, said the development will have hotels, restaurants and other commercial buildings.
Twenty percent of the property would be developed by Duros, while the rest would be offered through a bulk land lease to other companies.
“This is at the heart of the city where we have a lot of foot traffic so we are sure that many investors would be interested,” Barino said during the 3rd State of the Duros Address yesterday in barangay Yati, Liloan.
Barino said that with the mixed-use project, they hope to be able to recover their expenses in building the IEC Pavilion.
“This is an opportunity for us to know more people and open more doors for us,” Barino said.
Lydwena Eco, Duros business development consultant, said the property will be a master-planned development and will be formally introduced to the public within the second half of the year.
“This is a very exciting development for Duros, and it would also be a great opportunity for Cebuano businesses and the general public as well,” Eco added.
Barino said that allowing the company to develop the area is a blessing they would not have received if not for their faith.
“This is a blessing for us and we will not only recover our expenses but earn as well. These are the kinds of blessings that come back to the company after we dedicate ourselves to faith and God,” Duros said.
Duros turned over the P500-million IEC Pavilion to the Church last November 21, ahead of the scheduled turnover date.
The pavilion can accommodate over 12,000 people and is the main event hall for the upcoming 51st IEC.