A Brown Company, Inc. has entered into a Joint Venture Agreement (JVA) with the Provincial Government of Misamis Oriental for the development of the Misamis Oriental Capitol Compound.
The project aims to transform a portion of the compound into a mixed-use complex under an integrated Master Development Plan.
The project, with a total investment of P2.5 billion, will be executed in two phases. Phase One includes the construction of office spaces, a commercial/shopping center, a park, and parking facilities.
Phase Two involves developing a multilevel mixed-use building with a dormitory.
The agreement also includes A Brown’s acquisition of a 4,024-square-meter portion of the project site. The company plans to develop this area into a modern urban center featuring a multi-level mixed-use building designed to complement the rest of the development.
A Deed of Sale will obligate A Brown to complete the project according to the agreed timetable. However, if the property acquisition is prevented, the company will not be required to proceed with the project.
The necessary clearance from the Commission on Audit (COA) has been secured, ensuring compliance with regulatory requirements.
The Misamis Oriental Capitol Compound Development Project represents a significant step in urban development, combining public infrastructure with commercial and residential spaces to enhance the province’s economic landscape. Further updates on the project timeline and progress are expected in the coming months.
BusinessNews.ph