The city government of Manila will develop the 11-hectare Rizal Memorial Coliseum into a commercial center, Mayor Joseph Estrada said yesterday.
In an interview with The STAR, Estrada said the city government is forging a joint venture with businessman and developer Ricky Razon for the construction of the commercial center, which will have a mall and cinemas, among others.
“The construction will start within this year. But the completion of the project will take years. That is why I need another term to finish the project and see its completion,” Estrada said.
He added that the national government is transferring the coliseum to Clark, Pampanga as part of its preparation for the 2019 SEA Games, which the country will host.
The joint venture for the construction of a commercial center on the site of the coliseum is one of the four projects he proposed to President Duterte during their recent meeting in Malacañang, Estrada said.
“It was a 15-minute meeting and he approved all my proposed projects without thinking. I told the President that I needed funds for the projects,” he said, adding that Duterte assured him the project papers will be approved within a month.
Estrada said the city government will also have a joint venture with Reghis Romero’s R-II Builders for the reclamation and housing projects in Port Area covering 200 hectares.
There will be another joint venture with businessmen Jose Co and Wilson Cheng for two reclamation projects in Baseco.
“The city government stand to benefit from these four projects because it will earn from them through an increase in the collection in real property tax and amusement taxes,” Estrada said.