The “Third İzmir” and “İnciraltı Urban Transformation” projects have drawn investors' attention to İzmir, as many companies prepare projects all across the area from Alsancak port to Turan.

Building schemes regarding the Third İzmir Project are to be approved by the municipal councils of Karşıyaka and Konak 20 days from now, and then once again by the Metropolitan Municipal Council, noted İzmir Metropolitan Mayor Aziz Kocaoğlu. “Thanks to the ambitious two projects, an investment worth $20 billion is expected in the next 20 years,” he said.

The Third İzmir Project, covering a 550-hecatre area, aims to build a new city center on the site at which İzmir was originally born some 5,000 years ago. Thanks to the project, older buildings and factories will be replaced with commercial centers and residences. On the other hand, the construction of an additional seaside boulevard is slated for the coast of Turan, with the goal of transforming the area into one of tourism and commerce.

The project covers the lands of large companies such as İş REIT, Tariş, Sabancı Group, Altınbaşak, Kula Mensucat, Küçükbay Group, Torunlar Gıda, Petrol Ofisi and Henkel, as well as official institutions such as the Turkish State Railways, Ziraat Bank, Başak Insurance and the Foundations Directorate.

Many companies holding land in the area have already begun work on ambitious projects to prepare them for action once the final building scheme is materialized. Altınbaşak Flour Factory, Tariş, İş REIT, Küçükbay and Kula all plan to build high-rises on their existing lands while Sabancı aims to build its skyscrapers on the land of Piyale plants.

Each project's investment value ranges between $80 million and $100 million, Kocaoğlu explained. “Some eight to 10 investors are preparing to develop projects. Structuring will be complete in three years. We will also provide metro transportation soon,' he added. With the implementation, the number of people employed in the service sector will also increase, said Kocaoğlu. “Real estate prices in İzmir are low, therefore it attracts attention of foreign groups thanks to its developing structure.”

İş REIT, one of the partners of Kanyon Shopping Mall, plans to undertake a large-scale 18,392 square-meter project consisting of residential and home-office complexes and a shopping mall by Sirgeli Junction. The project, set at an additional $110 million on top of land costs, will create a 40,000 square-meter residential area and a 35,000 square-meter shopping center, said İş REIT Managing Director, Turgay Tanes. “The project will be completed in two years, should work begin in 2008,” stated Tanes. Tariş Olive and Olive Oil Union also owns 31,276 square-meters of real estate within the area, said Chairman Cahit Çetin.