Construction on the Istanbul International Financial Center (IIFC) has just broken ground. Located on a prime 170-acre land on the Asian side of the city, between AtaÅŸehir and Ümraniye districts, the $2.6 billion mixed-use project is being developed by famous American architecture firm, HOK.
The Istanbul International Financial Center is being developed by the Turkish government to position the country as one of the world's top ten economies. Once completed, the project will be home to headquarters and offices of affluent private and public firms. It will consist of adequate retail, commercial, residential space and an urban park as well.
According to the Archdaily, HOK's master plan not only gives easy access to the historical center of Istanbul but is also a completely eco-friendly project. A number of new infrastructure alterations and additions have also been planned. A new subway line with associated stations and providence for security, water, power and internet will be integrated into the new project. The whole venture is divided into four districts, each allocated for a particular field- civic, culture, governance and commerce.
Check out the renderings of the Istanbul International Financial Center here.
"We are honored to have the opportunity to plan a world-class financial center in Istanbul - a city that historically has been such a dynamic global center for commerce. Our masterplan provides a framework for developing a sustainable financial center in a way that blends human need, environmental stewardship and economic viability into a new global model of urbanism rooted in Turkish culture," Bill Hellmuth, president of HOK, said in a statement.
The development is slated to be completed by 2016 and is expected to give the Turkish economy a prime slot in the world's best economies by 2035.
Turkey is currently bidding to host the 2020 Olympic Games. Currently, seven giant Turkish companies have pledged a good $3.2 million to support the nation's bid in hosting the legendary games, reports Arab news.
"Until the sponsors became involved in this process with all they've got, we felt all alone. When the private sector shouldered the burden, we realized we were one big family," Suat Kilic, Sports Minister of Turkey said in a teleconference.