Development of XU-Ateneo land eyed
July 18, 2019
Visayas and Mindanao-focused property developer Cebu Landmasters is in talks with Jesuit-run Xavier University-Ateneo de Cagayan (XU) to redevelop the latter’s property assets in uptown and downtown Cagayan de Oro into premier townships.
In a disclosure to the Philippine Stock Exchange, CLI said it had received a notice of interest from XU to develop the latter’s 63.5-hectare property known as Manresa, located in an emerging commercial district in uptown CDO and close to XU’s 12-ha Basic Education campus at Pueblo de Oro.
CLI proposes to acquire a 14.3-ha portion of Manresa to integrate complementary commercial, residential, office and leisure developments into the campus town. It also intends to acquire a portion of the Corrales campus and convert it into downtown CDO’s central business district, while maintaining XU’s Church of the Immaculate Conception.
Proceeds will fund the redevelopment of the Manresa campus and the redesign of the Corrales campus for XU’s School of Medicine, College of Law and most of its graduate programs which are envisioned to remain in downtown Divisoria.
For the past decade, XU has considered to transfer most of its operations to its six-ha main campus in downtown CDO to provide a better learning environment for its college students. Before the implementation of the K-12 educational reform, the campus along Corrales Avenue accommodated up to 11,000 students. A new campus at Manresa can cater to up to 25,000 students.
“I am pleased to note that our mastery of the Vis-Min area allowed us to win the trust and confidence of Xavier University’s leaders. Our proposed master plan is inspired not only by the best campuses here and abroad, but also by our deep roots in the Ateneo. We are highly committed to meet their expectations,” said Jose Soberano III, CLI president and chief executive officer.
CLI’s proposed master plan was chosen by the XU board of trustees over those submitted by national real estate developers. Its master plan features modern school buildings, dormitories, a main plaza, interconnected courtyards, an amphitheater and a university forum that incorporates a museum, theatre and gallery and an abundant open space and greenery.
The project, which is subject to final approval of the Jesuit central leadership, is seen to change the landscape in both uptown and downtown CDO. Consultations and discussions on the proposed redevelopment are ongoing.
Cagayan de Oro City is the regional center of Northern Mindanao, serving as a hub for education, business and logistics. CLI has three other projects in CDO—the three-tower MesaVerte Residences within the downtown area, and the soon-to-be-launched Casa Mira Towers CDO condominium and Velmiro Uptown CDO modern community. – By Doris Dumlao-Abadilla