With the virtually choking Central Business District leaving no room for further development, the BMRCL has chosen the fast-developing Baiyappanahalli as the next hub of growth.
The Corporation, in its latest initiative, has proposed an ambitious Rs 601.4-crore Commuter Lifestyle Centre project at Baiyappanahalli, which promises to change the complexion and contours of its skyscape in the eastern part of Bangalore.
The centre, billed as Bangalore’s newest landmark, will boast of a state-of-the-art multi-faceted convention and exhibition facilities along the lines of India Habitat Centre in the national capital, a three-star 200-room business hotel, a retail hypermart spread over 50,000 sq ft, a 500-capacity performance hall-cum-auditorium for music programmes and other cultural activities.
The project also envisages travelators — walkways equipped with electric cars that will circumnavigate the entire building complex and provide commuters easy access between the Lifestyle Centre and the metro station — the first of its kind in the country.
The “ambitious and aspirational project”, for which BMRCL has called for proposal for development through international competitive bidding, will be built on a public-private-partnership basis and on the design-finance-build- operate-transfer model.
The centre, to be built on 10.15 acres, will also boast of an exclusive business centre with variable seized meeting/private/conference rooms, corporate/institutional office space, fully serviced corporate guesthouses, multi-cuisine restaurants and coffee shops, multiplexes and an art gallery.
Expected to be completed within four years from the date of signing of an agreement, the project will see a special purpose company / vehicle being incorporated / floated for the purpose of implementing and managing it by the preferred bidder.
The last date for submission of proposals is December 30, 2011. The selection will be based on a three-envelope system selection process comprising qualification proposal, technical (design) proposal and financial bid provided by the preferred bidder.
Among the several guarantees stipulated by the BMRCL to be provided by the preferred bidder include bid security of Rs 5 crore, returnable after signing of agreement, bank guarantees of Rs 20 crore as premium security, Rs 25 crore as construction period performance security, and Rs 5 crore for operations security.
Besides several minimum development obligations, the project, entirely of green building concept, will see 40 years of concession period and run on a revenue-sharing basis.