Meraas Development has burst on to Dubai’s property stage with the announcement of its first-ever project worth a staggering Dh350 billion (approx. $95bn). Meraas Development has commissioned Chicago architect Adrian Smith from Gordan Gill Architecture to design four new projects as part of the Jumeirah Garden master plan. The master plan includes 1 Dubai, 1 Park Avenue, Park Gate and Meraas Tower, One of tallest building in world with varied micro climates and a mini-Manhattan.
The project aims to cater to a population of 50,000 to 60,000 residents.
The announcement comes amid a global market crash that has shattered investor confidence worldwide, but goes on to show that Dubai is determined to continue with the vision of His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai.
The development will redefine living in one of the most popular neighbourhoods of Dubai, currently undergoing demolition to pave the way for the new project.
The project will comprise seven distinct areas, taking up approximately 110 million square feet of land, including the islands. One section will host Dubai Park, which will be half the size of Safa Park.
Phase one of Jumeirah Gardens will cover around 820,000 square metres. It will comprise six main blocks of high-, mid- and low-rise office, retail and residential buildings, two hotels and a high-end shopping area.
Handover of phase one is expected to start in the fourth quarter of 2011, and completion is scheduled for the fourth quarter of 2013.
“Every great city has a great park. London has its Hyde Park, New York has its Central Park. This will be Dubai Park,” Sina Al Kazim, chief executive of Meraas Development, told Gulf News. The park will be surrounded on all sides by residential apartments, duplexes, penthouses, villas and commercial buildings.
Meraas is planning at least eight landmark buildings in Jumeirah Gardens, including One Dubai, One Park Avenue and Park Gate, which will have six buildings.
The islands will be made up of East Bay and Coastal, predominantly residential, but will also include hotels and resorts.