CEBU CITY, Cebu — A Cebu-based real estate property developer is bent on pursuing its mixed-use commercial and heritage center development which is seen to further boost Cebu’s “Asean City of Culture” identity.

The Ciudad project is spearheaded by Cebuano businessman Michael Dino, president and chief executive officer of Fifth Avenue Development Corporation. The firm has allocated R1.2 billion to pursue the Ciudad project on a 2.8-hectare lot located along Gov. Cuenco Avenue and Asiatown IT Park in Banilad, this city. The firm has a lease agreement with the Cebu provincial government for 25 years.

According to Fifth Avenue Public Relations Consultant Jonjie Gonzales, the company has already submitted an application for “locational clearance” to the Cebu City Planning Office, and once approved, will forward it to the Office of the Building Official for an excavation permit.

“When we finish all the paper work, we will have the go signal to start by month’s end,” said Gonzales. “This, after having been delayed for five years.”

The Ciudad project had previously been put on hold following a moratorium by the Cebu City government citing possible traffic congestion along the Banilad-Talamban area.

To address traffic concerns in the area, the company said it will build roads and widen existing ones for free.

The project will include a three-storey museum, department store, food outlets and restaurants.

Gonzales said occupants will adhere to the Spanish-inspired concept, with employees dressed in period outfit.

“We’re excited to see the completion of this project by yearend and we see it as reinforcing Cebu’s image as an Asean City of Culture,” Gonzales told reporters in an interview.