THE Bases Conversion and Development Authority (BCDA) is in discussions with the Asian Development Bank (ADB) to serve as the transaction advisor for a planned transit-oriented development (TOD) at the Market! Market! site in Taguig.
BCDA President and Chief Executive Officer Joshua 鈥淛ake鈥 M. Bingcang said that the agency is working with the multilateral lender to evaluate the most effective way to redevelop the prime commercial area.
鈥淲e are in talks right now with the Asian Development Bank to be our transaction advisor,鈥 Mr. Bingcang told reporters on the sidelines of a site visit in New Clark City on Monday.
鈥淭hey鈥檙e coming up with a business case [for] what will be the best disposition model for this project,鈥 he added.
The proposed initiative seeks to integrate the development with a major transportation hub currently under planning for the area.
鈥淚n fact, we want to capitalize on the railway station that will be located in Market! Market!鈥 Mr. Bingcang said.
He described the project as a 鈥渉eavy type of development鈥 centered on the TOD concept, which typically prioritizes high-density, mixed-use spaces within walking distance of public transit.
The BCDA expects to move forward with the procurement process shortly after the business case is finalized.
鈥淏y the end of the year, we expect to come out with the terms of reference,鈥 Mr. Bingcang said. 鈥 Erika Mae P. Sinaking
