Cebu City’s oldest and largest marketplace – Carbon Public Market – is set for new developments this year 2021. The local government of Cebu signed a joint venture agreement with the engineering and construction company, Megawide Construction Corp. for the redevelopment of this local favorite market.
Megawide Construction Corp. is investing P5.5 billion for the phased redevelopment which would include construction, development, and operation of mixed-used assets. This joint venture will have a term of 50 years – and will be extended for another 25 years.
The New Face of Carbon Public Market
At present, the Carbon Public Market has approximately 15,000 square meters of leasable spaces which are mostly comprised of local public market vendors. However, after this development, the leasable area would increase up to 36 square meters which would not only be limited to the public market but as well as accommodate commercial assets.
But that’s not all. According to the proposed plan, the redevelopment of Carbon Public Market will also turn the oldest and largest marketplace in Cebu City into a heritage and cultural district. It will thereby provide a different experience to all stakeholders as the whole place will be developed into phases with diverse offerings such as retail, leisure, service, and food and beverages.
Carbon Public Market will now become a wholesaler’s hub, lifestyle village, Boqueria, and the Premier Galleria and Airport City Check-in! Not only that, it will also feature a waterfront activity plaza, a 24/7 market, and a Sto. Niño Chapel and Park where a statue of Cebu’s homed imaged would be constructed at the center of the park to symbolize Cebuano’s deep faith and festive spirit.
Redevelopment of Cebu Public Market: Phase 1
With groundbreaking scheduled by late March of this year, Megawide Construction Corp. aims to improve the public market and provide easy access to the public through an interim transport terminal which is similar to Hong Kong and Japan where travelers get to check-in their luggage yet still enjoy shopping and going around Carbon Public Market hours before their flight. If this holds true, Cebu will be the first in the country with an In-City Check-in Facility!
Are you excited about these developments of our beloved Carbon Public Market?