Cebu Landmasters to transform Patria de Cebu into P900M mixed-use complex
Soberano-led Cebu Landmasters Inc. (CLI) inked a lease agreement with the Archdiocese of Cebu to build a a retail, office and hotel project on a 6,670 square meter property in front of the historic Metropolitan Cathedral Church.
Estimated to cost around P900 million, the project will also include a Rome-inspired plaza. Groundbreaking is scheduled in the first quarter of 2019 while project completion is targeted in 2021.
Under the agreement, CLI will develop and operate the new Patria de Cebu property for 40 years.
“We envision the new Patria de Cebu to be a center of culture that will celebrate Cebu’s history and heritage,” said Jose Soberano III, president and CEO of CLI.
Soberano said the project is also expected to provide additional support to the archdiocese and its various parishes in the coming years.
“The impact of this project will not only benefit the Archdiocese, but also every Cebuano. The new Patria de Cebu will uplift the downtown area that is in need of a master-planned development that connects well to the city’s history while creating new practical functions to serve the community,” Soberano said.