Port and gaming tycoon Enrique Razon has started working on a plan to re-develop the 82-year-old Rizal Memorial Sports Complex (RMSC) into mixed-use project.
Razon told reporters on the sidelines of Pilipinas conference that the RMSC will be transformed into "urban renewal and intelligent buildings" with office, residential and commercial buildings.
"We are working (with City of Manila) on all the regulatory issues, permits; it takes several months," he said.
Razon said the mixed-use development project was a joint venture with the City of Manila.
The RMSC is owned by the City of Manila and managed by the Philippine Sports Commission (PSC).
He noted the project will be implemented through a "special purpose vehicle."
"We are committed to a certain plan to undertake the project," he added.
Source: Philippines News Agency