THE commercial complex at Kilometer 5, La Trinidad is eyed to become a parking facility instead of a mall.
Juanito Teope from Jarco Realty and Development Corporation said their company agreed to convert the area into a parking facility.
“In general terms we have no objections because parking is becoming a problem, so we agree on that. Our computation comes out if it is and we are in a way that the whole building is a total parking it’s not viable for us. As a businessman aspect the return of investment (ROI) cannot be recovered in a reasonable time,” Teope said.
The city of Baguio has become saturated that developments in the Cordillera are geared to La Trinidad, added Teope.
“Perhaps this time we will come into terms the first and second floor parking then instead of being two-storey parking we will add additional one to supplement in that way that ROI seems to more viable,” said Teope, adding that development have been taking almost for nine years.
He said each of the parking floors can accommodate 170 cars divided into 18 square meters or less based upon their estimation.
On Tuesday’s consultation hour, the local council asked for Jarco to give its formal letter to the mayor with the attached the sample of their proposal of remedies to develop the area.
After an endorsement from the mayor, a joint committee is eyed to be made both from the legislative body and the Jarco as part of a technical working group.
La Trinidad Vice Mayor Joey Marrero stressed the august body needs to study the contract.
In the term of former mayor Artemio Galwan, the project was introduced with the signing of the contract of the construction and management of the multi-million commercial complex.
In the term of Mayor Edna Tabanda, the project pushed through in 2014 however, the contract failed to secure the Council’s ratification with only five out of the 10 councilors approved for the ratification of the amended Jarco contract.
The ratification paves way to giving a green light to the company to start the construction of the P268M worth commercial structure. The 2009 contract include that the company will construct a 3,910 square meter into an integrated commercial complex under a Build Operate and Transfer for a period of 30 years excluding the two-year construction period. Currently, the said portion is utilized by the municipality as pay parking area.