• State intervenes in major İstanbul development project
    http://www.todayszaman.com/business_state-intervenes-in-major-istanbul-development-project_356799.

    La Corne d’Or à Istanbul : nouvelle centralité du développement immobilier de l’Etat Turc...

    The Ministry of Environment and Urban Planning has, alongside the Beyoğlu Municipality, taken control of a major urban development project in central İstanbul, according to a report in the Hürriyet daily on Tuesday.

    Amplio Emlak Yatırım began building the Hilton Garden Inn Hotel in Beyoğlu’s Örnektepe neighborhood three years ago; however, the construction of the hotel led to the structural damage of various buildings in the surrounding area. The firm then announced that it planned to undertake an urban transformation project in the area with a TL 300 million investment. It subsequently reached an agreement with residents and began to empty apartment buildings and provide rent support for their former tenants, in preparation for the project, dubbed “Haliçenazır,” which translates to “overlooking the Golden Horn.”

    However, the Ministry of Environment and Urban Planning and the Beyoğlu Municipality have announced that they plan to widen the scope of the project in Örnektepe and Sütlüce and bring it under the realm of two public agencies. “We have dreams for the Golden Horn. The renewal area will be extended step by step. In such an important area of İstanbul it is more appropriate for such a project to be carried out by the public,” said representatives from the ministry.

    The ministry will conduct the project in two phases. Residents will receive new homes elsewhere in exchange for selling their existing homes, which will be demolished in order to make way for 650 new residences and 150 commercial buildings within a 130,000-square-meter area. It announced that it will provide TL 5 million in rent support for current residents and supply an additional TL 50 million in financial support for the development project. The bid for the construction tender is expected to be conducted in the upcoming days

    #transformation_urbaine
    #Immobilier
    #AKP
    #Istanbul