The Philippine Economic Zone Authority (PEZA) has approved last December 7 the registration of Paseo del Rio de Cagayan as an economic tourism zone. Paseo del Rio de Cagayan Inc. headed by Rafaelita P. Pelaez is investing P656 million for the development of the 12-hectare masterplanned mixed-use township in Cagayan de Oro City.
The area is envisioned to become a landmark urban redevelopment in the city.
The development is composed of high-end accommodation facilities, leisure/tourism, office, residential, institutional and built-to-suit buildings for information technology projects.
The tourism ecozone component – which would cover 80,000 square meters or 66.67 percent of the total area — would house two 350-room five-star hotels; an international convention center; theme parks and recreational facilities, swimming pools, commercial centers, office/business centers, pocket parks, promenade and bicycle lanes.
Another 20,000 sq.m. would be for the office and commercial area while the rest would be for the common utility area and open spaces.
Expected completion is on the first quarter of 2012.
The masterplanned complex is designed by world-renowned Palafox Associates.