Katherine Farley director Tishman Speyer said, Upon completion, Hyderabad Community will be the country''s largest integrated township and the first of its kind under a public-private partnership.
Site work will begin in 2008 and will be built in phases, with the first delivering by 2011. The completed project will house over 30,000 people, as well as create over 35,000 jobs.
Katherine Farley currently directs the firm''s real estate activities in Latin America as well as its expansion into other emerging markets, such as India and China.TSI Ventures, a Tishman Speyer and ICICI Venture joint venture in partnership with Nagarjuna Construction Co., has earlier this month announced a 20 million-square-foot, $2 billion mixed-used development in Tellapur, Hyderabad, India.
The project, which will be built on 400 acres, will include primarily Class A residential and office components, as well as retail, civic and cultural amenities. Site work will begin in 2008 and will be built in phases, with the first delivering by 2011. The completed project will house over 30,000 people, as well as create over 35,000 jobs.
This announcement is only one part of the joint venture''s strategic plan, which is to develop high-quality office, residential and mixed-used properties to meet space needs in India''s burgeoning economy.
It also marks the second project for TSI Ventures since Tishman and ICICI formed the joint venture in 2005. In late 2006, it announced that it would develop 1.6 million square feet of Class A office space in Gachibowli. The project is slated to break ground this summer with a two-and-a-half year buildout.
Update Added: 9:26 AM 22/02/07 : TSI Ventures will build one or two towers on 12 acres it has acquired in Nanakramguda Special Economic Zone in Hyderabad. The Project will consist of either one or two office buildings up to 20 storeys. The project cost is expected to be in excess of U.S. $100 million. The first phase is expected to be completed in 2009. TSI has engaged the internationally renowned architectural firm Pei Cobb Freed & Partners LLP to design the property. End update
"We''re focusing on seven key cities, which will each be seeing major growth in integrated townships," said Tishman senior managing director Katherine Farley, which along with Hyderabad includes Bangalore, Mumbai, Chennai, Kolkota, and Delhi.
The Hyderabad Urban Development Authority chose the joint venture to answer the critical commercial and residential needs of one of India''s fastest-growing cities. The community is located three miles from Gachibowli, the city''s central business district, which is home to major international companies including Microsoft, UBS, Computer Associates, Franklin Templeton and Infosys.
Source: Commercial Property News, TSI Ventures
