Vibo Group invests P2 billion to revive Cebu’s oldest arcade

CEBU, Philippines - At least P2 billion is allocated for the re-invention of one of Cebu’s oldest commercial arcades located along Escario Street, the Vibo Place.

Vibo Group of Companies, the developer of the two-hectare arcade formerly known as Cebu Capitol Commercial Complex, has started its facelift works with the newly opened "Axis Entertainment Avenue"— a 2,800 square-meter (leasable area) sleek lifestyle destination, designed to provide a unique experience to dining, shopping and entertainment events.

Now managed by the third generation Borromeo clan of Cebu, the entire area is masterplanned to be the next live, work, and play or mix-use destination right at the center of Metropolis, said Allen Andre Borromeo Suarez, head for leasing and marketing.

The place, where Cebu Grand Hotel, The Apartelle, CAIAA Center are located has been existing for 40 years.

Immediately after the formal launching of Axis this month, the company will start the construction of a three-tower residential and commercial condominium project, Suarez said.

"The Axis was conceptualized to spur excitement within this area. We've been silent in the last 20 years," said Suarez adding that now the family is giving the "young blood" the authority to catch up with the modern market, major investment activities is being planned in the next five years.

With its prime location (right across Capitol Parish), the family had been approached by giant developers, and even shopping mall operators expressing interest for possible profitable projects within the area, but the family opted to pursue its own development plan, said Gerardo V. Borromeo, the Group's president.

Even before its formal launching, the Axis now hosts 10 tenants, including the largest and first drive-thru Starbucks Coffee in Cebu.

According to Suarez, the company is very strict in choosing their tenants to uphold its positioning, as an elegant lifestyle destination, to fit its inviting zen-inspired environment, that commands a relaxing and rejuvenating feel.

 The company believes that the modern market now appreciates not just the quality of food and beverage offered in a destination, but also the entire experience of dining and wining.

 Vibo Place's existing businesses are managed by Ian Borromeo (The Apartelle, and CAIAA Center), and Carlo Borromeo Suarez (Cebu Grand Hotel).  (FREEMAN)