By Elias O. Baquero and Jujemay G. Awit
Sunday, March 3, 2013
REP. Tomas Osmeña wants to put up a Formula 1 (F1) circuit, hotels and condominiums in Cordova, Cebu.
He admits he has not talked to municipal officials about this but he said he had shared the idea with some investors.
Osmeña is unfazed that his critics have dubbed the idea “crazy,” but he said his previous ideas have been validated.
He said his brainchild, the South Road Properties (SRP), has big locators—SM Prime Holdings Inc., Filinvest Land Inc., and Bigfoot Entertainment.
Bigfoot is only leasing a property while the two others have major, albeit, the only developments in the area.
Scrapped
His pronouncement to transfer the Mactan-Cebu International Airport to Cordova also met with criticisms, but he said the idea proved viable when established companies expressed interest in the project.
The first one to do so was SM Prime Holdings Inc., but the transfer is no longer possible because Malacañang decided to expand the existing terminal.
“I’m not happy about that. I don’t like the airport terminal to go through because of the expense,” said Osmeña, referring to the road rights-of-way that need to be purchased.
He believes lot owners will demand steep prices because of the necessity.
Now, the congressman wants to make Cebu a Mecca for fans of F1 racing.
“This could rival the Sinulog,” he said, explaining that Cordova can provide one of the longer racing courses in the world, if not the longest. A hotel and condominiums can be integrated into the F1 circuit.
Bigger picture
This F1 proposal will then make the Cordova Reclamation Project viable, he said.
Osmeña said he does not mind being labeled “crazy” for his big ideas. His father Don Sergio Osmeña Jr. was responsible for transferring the airport from Lahug to Mactan. Others had also called the move “crazy.”
Osmeña wants to develop Cordova because of its proximity to Cebu City.
He even floated the idea of making Cordova a third district of Cebu City.
Cordova Mayor Adelino Sitoy yesterday said that he is amenable to the town being home to an F1 circuit.
Sitoy said that if investors do come to Cordova in response to Osmeña’s proposal, he will welcome them with open arms and the only issue to be discussed is where they’ll put up their business.
According to the mayor, he would be happy if funding for the area development for the whole project will come from the National Government, Cebu Provincial Government or even the Cebu City Government.
Sitoy’s wish
On the other hand, Sitoy wished the airport will still be transferred to his town, and the F1 circuit will be built near it.
He said Cordova has a reclaimable area of 1,200 hectares that will connect to Shell Island. Although Shell Island is part of Cordova, it is only 520 meters from Cebu City.
“If there is a tunnel or a bridge from Cebu City to Cordvoa, it can be connected by a skyway to a proposed new airport along Pilipog River,” he said.
If the tunnel is built, this will solve the lingering traffic problem between the cities of Lapu-Lapu and Mandaue. It will also complement the future bridge between Cordova and Jetafe, Bohol, Sitoy said.
With the Jerafe-Cordova Bridge and the Cordova-Cebu City Tunnel, Cebu can buy fresh water from Bohol by installing a water pipeline beside the Inabanga River.
“Everyday, about 200,000 cubic meters of fresh water from that Inabanga River is flowing to the sea. We can buy it at a cheap rate once the bridge and the tunnel are there,” Sitoy said.
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