A much-anticipated $4.5 billion project that aims to make İstanbul an International Financial Center (IFC) will go to tender on Wednesday.
According to the Ministry of Environment and Urban Planning, which is overseeing the project, it will be completed in three-and-a-half years and consist of a congress center, trade centers, hotel and a health center as well as a center for cultural activities. Project plans indicate revenues made from the sales of properties in the first two years will be used towards infrastructure expenses.
The Emlak Konut real estate partnership is responsible for the assignment of the tender, and experts predict the tender will be contracted at a price between 800 million to a billion dollars. The decision on the construction of buildings for Ziraat Bankası, Halkbank, Vakıfbank, Capital Markets Board (SPK) and the Banking Regulation and Supervision Agency (BDDK) has been left up to the individual companies. Sources indicate the SPK plans on constructing its own building and has been given seven months to prepare project plans. However, the project must follow the style guidelines laid out by the ministry, which have been inspired by the architecture of the Ottoman and the Anatolian Seljuk empires.
The IFC in İstanbul is expected to be fully functional by the end of 2015, and larger than the IFCs in New York, London and Dubai. Boğaziçi University's Kandilli Observatory and Earthquake Research Institute completed all of the comprehensive analysis into the earthquake characteristics of the region.