Ortigas to spend P400 million for retail component of Circulo Verde
February 19, 2013. Interaksyon
MANILA - Ortigas & Co will expand its retail portfolio with the development of Industria, the neighborhood center at its 12-hectare township project in Bagumbayan, Quezon City.
In a statement, the property firm said it will spend P400 million to build the outdoor-indoor retail concept Industria, adding a total leasable area of 14,000 square meters to its existing retail portfolio that includes Greenhills Shopping Center, Tiendesitas and Estancia at Capitol Commons.
Envisioned to be the hang-out place for Circulo Verde’s residents as well as a young, edgy, and artsy crowd, Industria will have a mix of tenants composed of a neighborhood grocery, unique gastronomic concepts, a fitness center, weekend markets featuring organic choices, as well as craft fairs.
The new complex, which will also house street art shows and music festivals, will be completed in the first quarter of 2014, while the anchor supermarket should be ready by December this year.
"Ortigas’ retail developments each have very distinct characteristics. While people flock to Greenhills Shopping Center for bargain finds, Tiendesitas for all-Filipino goods, and soon Estancia for high-end destination retailers, the young and artistic personality of Industria would make it a haven for individuals who are looking for alternatives in food, fashion, and entertainment,” said Cathy Casares-Ko, general manager of the shopping center division at Ortigas & Co.
Industria is accessible via Calle Industria and an alternative access bridge linking Circulo Verde to Amang Rodriguez that is being developed.
“We are glad to be launching Industria in the midst of many developments in the company...I believe this year would be great for Ortigas & Co, as we reap the benefits of our past efforts and make landmark projects for both shopping center and real estate divisions,” said Ko.
Greenhills Shopping Center is undergoing a P25-billion redevelopment project, which is now on its second phase. Tiendesitas is going through a redevelopment process that will add 20,000 square meters of leasing space and cooler. Construction of Estancia at Capitol Commons is also underway, with the mall set to open by 2014.