Carbon Market, Cebu City’s oldest and biggest farmer’s market and also one of the nation’s major tourist spots, will be converted into a commercially viable market hub alongside existing malls in the area.
The project, estimated to cost around P5.5 billion, is a joint venture between Megawide Construction Corp. and the city government but the funding will be shouldered by the former provided the infrastructure developer is exclusively administering and managing the establishment.
Megawide will collect the rentals and other fees from the tenants as stated in the agreement, at a rate affordable enough for renters to live decently.
Manuel Louie Ferrer, Megawide executive director, said the project’s first phase will start at the night market area near Compania Maritima up to the interior area of the market complex and will cover the construction of the Sto. Niño Park and the redevelopment of Blocks 1 and 2 of the wet market, which will take three to four years to finish.
The agreement states that the vendors will not be displaced as the Megawide Infrastructure development will do it phase by phase, Ferrer said.
Cebu City Mayor Edgardo Labella lauded the corporation of making the Carbon Market into a world-class facility which showcases Cebuano food and culture.
Erwin Gok-ong, chairman of the Cebu Market Vendors Multipurpose Cooperative (Cemvedco), said the vendors are hoping that the city government will guard the interest of the vendors in allowing the redevelopment project in the Carbon Market.