Economy


UP property re-zoned for urban development




Posted on February 02, 2013


The Quezon City Council has reclassified a University of the Philippines property into a commercial zone, allowing the area to be developed into a mixed hub for shops and offices.

According to Ordinance No. SP-2160, series of 2012, which was published in newspapers on Friday, the UP Diliman East Campus Property — currently occupied by the UP Integrated School — has been “reclassified from its present zoning classification of Institutional to Special Urban Development Zone.” This is in “view of the redevelopment vision and proposed land uses” for the lot.

Ayala Land, Inc. is currently developing the area, which is along Katipunan Avenue in Quezon City, into the UP Town Center

“What would change is the permitted uses in the area,” said Quezon City Councilor Ricardo T. Belmonte, Jr., via text on Friday.

With the rezoning, the area can now be used to build retail shops, restaurants, offices, galleries, and recreational facilities.

“Ayala Land will develop it similar to the Ayala Technohub,” said UP President Alfredo E. Pascual, in a phone call on Friday, referring to the UP property along Commonwealth Avenue in Quezon City which the firm developed under a build-operate-transfer (BOT) agreement.

The old buildings of the UP Integrated School, the current occupant of the property, will be torn down this summer after the school’s offices and classrooms for basic education have been transferred to the new school facilities nearer to the college buildings, said UP Vice-President for Development Elvira A. Zamora, in a phone call. The new school buildings, valued at P260 million, have been donated by the company as part of the BOT deal.

Completion of the project, pegged at P3 billion, has been set for the last quarter of next year, a disclosure by the firm dated Feb. 10, 2011 showed. — Monica Joy Cantilero