Under the proposed fast-track tender schedule, the site preparation work will be awarded by the end of the first quarter. Once the basic infrastructure is in place, a number of lots will be sold to investors to develop the plots according to the masterplan, drawn up by Lebanon’s Laceco International
Total construction time is eight-10 years.
The estimated $800 million-1,000 million mixed-use development, covering 300,000 square metres, is aimed at revitalising Amman. It involves the construction of four high-rise towers, the King Hussain Memorial Library, a commercial and residential area, legal and medical districts and the American University of Jordan (AUJ) with associated off-campus housing.
The UAE’s EmaarProperties
has signed a Memorandum of Understanding (MoU) to form a joint venture with ADIC for the development of some of the residential lots. Further agreements are expected to be signed over the coming months between ADIC and international developers for the remaining freeholds.