After a two-year review process of the Jesuits and obtaining imprimatur from the Vatican, property developer Cebu Landmasters Inc. has (CLI) concluded an agreement to acquire the 14.3-hectare Manresa property at Xavier University-Ateneo de Cagayan in Cagayan de Oro in the city.
CLI will develop the property into a mixed Manresa Town next to Xavier’s new 21 acre Masterson Campus.
CLI’s Manresa Town is expected to be a university town offering generous open spaces, student housing, easy access to commercial establishments and “future-ready” offices.
This concept of university cities would create “strong synergies that will benefit both Xavier and the surrounding CDO community in the city center,” CLI said in a statement to the Philippine Stock Exchange on Friday.
CLI Chairman and CEO Jose Soberano III said his group was honored to be part of a “game-changing” project for both Xavier and the CDO.
“This development will serve as an important catalyst for both education and the economy throughout the region,” he said.
Provisions of the agreement drafted by Xavier and approved by Jesuit leaders in the Philippines and in Rome, Italy, had been approved by the Vatican after a thorough two-year review process. This also followed a series of consultations in 2019 with Xavier’s staff, students, alumni, parents, CDO officials, pastors and other members of the CDO community.
Proceeds from the sale would be used to develop the Masterson Campus, named after the late Fr. William Masterson SJ Campus is targeted to open by 2024.
The campus of the future
It is intended to catalyze the development of northern Mindanao with a sustainable and “new normally ready” campus master plan characterized by an abundance of space, green spaces, wide roads, dedicated bike paths, wireless campus connectivity and healthy and customized learning facilities to virtual and physical classes.
This so-called campus of the future aims for a “more socially relevant and inclusive” learning institution.
“We envision a academically stronger university on this new campus, one that will facilitate learning in the new normal while producing men and women for others who can make relevant contributions to Mindanao,” said Xavier President Fr. Mars Tan SJ, who is also an environmentalist.
The development of the new Xavier campus is scheduled to begin in the second quarter of 2022. The campus will be supplemented with over 25 acres of surrounding forest area.
CLI, for its part, aims to complete the first phase of the city of Manresa in the same period.
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