The Bases Conversion and Development Authority (BCDA) has entered into a long-term lease agreement with the consortium of Istana Development Corp. (IDC) and Meridian Commercial Centers Inc. (MCCI) for the P560-million redevelopment of the Mile-Hi property in Camp John Hay in Baguio City.
The BCDA said the agreement to transform the 6,647-square-meter property into an upscale commercial hub was signed with IDC and MCCI yesterday.
While the property is being redeveloped, the BCDA said the parties would be preserving its historical significance and enhancing the natural environment of the surrounding area.
Under the agreement, the consortium committed to integrate sustainable design features in the property’s redevelopment to reduce greenhouse gas emissions, water and energy consumption, as well as waste generation.
These may include integrating solar-oriented architecture and green roofs and walls.
‘Mile-Hi will once again be a place that welcomes visitors, strengthens local livelihoods and sustains the spirit of Baguio for generations to come,’ BCDA president and CEO Joshua Bingcang said.
MCCI president Jesus Emmanuel Yujuico expressed the organization’s commitment to the project and to work with the BCDA and John Hay Management Corp.
‘We thank BCDA’s leadership for its confidence in our vision that seeks to balance heritage, sustainability and innovation,’ Yujuico said.
The redevelopment of Mile-Hi is in line with the BCDA’s aim to unlock the full potential of Camp John Hay.
The BCDA, which took over Camp John Hay in January, aims to transform the area into an investment hub and premier ecotourism destination.