|Ayala Land breaks Ground at P65B Project in North Triangle|
The Vertis North is a 29-hectare integrated urban development that is primed to be part of the Quezon City Central Business District, an economic development project that is systematically nestled at the northern part of the metropolis. The location at the North Triangle boasts of strategic location of being at the heart of important transport thoroughfares like EDSA and the newly opened Mindanao exit to NLEX, and the public transport lines such as the MRT.
A 3D model of the planned Vertis North debelopment
The P65 billion investment will converge a broad range of offices, retail, hotel and residential development but gives great importance of having open spaces for people to relax, relieving from the stress of city living.
On July 5, the Vertis North Groundbreaking Ceremony took place were attended by Quezon City Mayor Herbert Bautista, National Housing Authority General Manager Chito Cruz, Barangay Bagong Pag-asa Captain Fermin Bilaos and Ayala Land Inc President and CEO Antonio Aquino.
Mayor Herbert Bautista and ALI President and CEO Anthony Aquino leading the time capsule ceremony
Mayor Bautista graced the occasion with a speech that enunciated the niche of Vertis North as a prime example of an effective Private-Public Partnership – Ayala Land Inc as the developer, National Housing Authority as the property owner and Quezon City government as the provider of the general framework of development. He likewise emphasized the great economic advantage that the endeavor will bring to the residents of Quezon City; more jobs more enterprise opportunities and greater capacity for the people to attain a better quality of life.
He wished the level of development can be the same as that which he insisted recently having participated un the World Cities Summit.
Mayor Herbert Bautista with (from L-R): Ms. Cora Dizon, Head of Commercial Business Development and Strategic Planning, Ayala Land;
Aquino likewise added that they conceive the area to be environmentally sustainable by placing detention ponds, storm water management facility, to minimize the probability of flooding in the area.
“So truly this is something that will be good for the economy, particularly for the city” he said.
Vertis North is a collaboration of ALI and NHA with a 72-28 split of ownership, turning the government idle land into productive use. NHA General Manager Chito Cruz said that this project helps the agency earn an initial P6 Billion and appraised revenue of another P6 that they will use for 60,000 socialized housing projects.
And since the area has been an idle government land, an estimate of 10,000 informal settler families had filled the area. Fortunately, QC government had already relocated 6,500 families to housing communities in San Jose del Monte, Bulacan and Rodriquez, Rizal while the remaining 3,500 is under negotiation.
The launch of Phase 1 of Vertis North – a P12 billion investment by Ayala Land – will mark the initial development of a 7-hectare land parcel, and is expecting completion in the next three to four years. This phase will develop a total gross floor area of 220,000 square meters that will include business process outsourcing establishments, hotel and retail shops. It is foreseen to generate close to 200,000 jobs during its entire development phase, 35,000 of which will be filled during the first development stage.