The proponents of Paseo del Rio, has already asked for an endorsement from the city council relative to their application for accreditation with the Philippine Economic Zone Authority (PEZA). Such application would enable the developer incentives for the development of the project.
The GOPEL Group of Companies led by their CEO Ms. Rafaelita P. Pelaez, have initially announced in September last year to develop their property near Kagay-an Bridge, straddling Barangays Nazareth and Macasandig.
In their pursuit of the project, the Pelaez Family even donated the rotunda of the property to the city. The opening of new vehicle routes in the area has helped decongest traffic in the city proper.
Strategically located at the foot of Kagay-an Bridge that connects to Barangay Carmen, Paseo del Rio will eventually emerge as Cagayan de Oro City’s newest growth area within the urban center in the years to come.
The mixed-use development project was designed by renowned Filipino Architect Felino Palafox, Jr., whose works include Rockwell Center in Makati City, SM City China, Palm Island in Dubai, Al Khobar Complex in Saudi Arabia, Ayala Business Park in Cebu City and the Divine Mercy Shrine in El Salvador, Misamis Oriental, among others.
His firm, Palafox Associates has master planned more than eleven billion square meters of land and has been involved in the architectural design of more than six million square meters in building floor area in 33 countries. The architects, planners, and designers bring together a wealth of experience gained from working around the world.
Palafox Associates is the only planning and design firm in the Philippines that has made it to the London-based World Architecture Magazine’s Top 500, Top 300, and Top 200 Architectural Firms in the World for seven consecutive years. The annual worldwide survey is internationally recognized as the most comprehensive survey of its kind. In 2006, Palafox Associates breaks into the Top 100 and ranked 94th, the only Southeast Asian firm cited in the world’s Top 200 largest practices.
The multi-million Paseo del Rio project will also complement the city government’s “Golden Mile Project“. which is now under construction.
The proposed Paseo del Rio project is designed… “as a place where people can walk, shop and dine in one walkable community…” The concept of Paseo del Rio is a multi-use approach of development in the project site that will boast of high-rise waterfront buildings and global-sized hotels of at least 350 rooms, restaurants, mixed-use commercial and business centers, playground, covered walkways, bicycle lanes, gazebo, rotunda, underground parking, and many amenities and recreational facililities.
In Palafox’s presentation to the City Council last year, he said they only need the flood data of Cagayan de Oro River so everything can be finalized.
In January this year, riverbank portions of the property were submerged with floodwaters causing some concerns if the project would eventually push through. However, in recent radio interviews, City Councilor Emmanuel Abejuela has said the proponents of Paseo del Rio has perfected their mixed use development plan which will inlcude the river protection portion which will connect to the Golden Mile project.
Abejuela said he is optimistic the project would start late this year after the PEZA Accreditation. He also brushed aside reports that the city cannot host hi-rise buildings stating that the city has a robust and solid ground which can accommodate buildings up to 35 storeys high. The only soft portions in the city are located in the Bayabas-Bulua area near the seashore because these are accretion areas.