The site is part of İzmir Metropolitan Municipality’s Kemeraltı Revitalization Program and is located in the Kestelli Region in Kemeraltı. Kestelli is the sub-region within the Historical City Centre which plans to create a centre of attraction for youth, artists, new generation companies and their employees.
Kestelli Street is one of the entrances that feed the Kemeraltı Bazaar which has approximately 200.000 daily visitors. The land is currently used as a car park and should return to its original educational function with an innovative approach thanks to the Reinventing Cities competition. The project area consists of two parcels and has an allowable total construction area of approximately 3000 sqm. The project site was declared as a special area in 2019, enabling new construction focused on igniting social, cultural, and entrepreneurial change and growth in the area in accordance with the Revitalization Program, as well as the Izmir Green City Action Plan (GCAP) as adopted by Izmir Metropolitan Municipality in 2020. The site is the largest vacant plot in the region and aspires to be the first LEED certified green building in the historic district of İzmir.
Expected Land Use
Zoning allows for office and retail space, commercial spaces, residential units, tourism, and underground parking. The city aims to create an international and innovative ecosystem where all stakeholders in creative industries can work, shop, and live together. The proposed development should support research, design and commercialization activities of entrepreneurs and start-ups, with a focus on sustainability and green economy. Training, seminar, and classroom setup are also required as part of the development.
Type of Property transfer intended
YUROKEM proposes to work with the winning team based on one of the following models: (teams should define the chosen model):
Design-Build-Operate and Transfer (DBOT): To design, build, operate the centre and transfer the property back to Yurokem at the end of the proposed operational period by the developer. Design and Construction period will be included in the overall proposed operational period. Total investment amount and operation period should be included in the proposal.
Guaranteed rent to the developer by Yurokem. To rent the subject development to Yurokem for a proposed fee for the duration of the operation. Proposed rent and duration should be included in the proposal.