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Construction underway for $2.6 billion Istanbul International Financial Center
Published: 13-Mar-2013
Construction work has commenced on the development of the $2.6 billion Istanbul International Financial Center (IIFC) project in Turkey, which is conceptualised by the US-based global design and planning firm HOK.
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Forming an integral part to Turkey’s plan to make its economy one of the world’s 10th largest by 2023, IIFC is being built on a 170 acre site on the city’s Asian side.
Upon completion, the IIFC will house the head offices of the country’s financial market governing bodies, state-owned and private banks, and related businesses. It will also include approximately 45 million square feet of office, residential, retail, conference, hotel and park space.
According to the master plan, four different districts have been created for the IIFC, which focuses on culture, commerce, civic functions and governance. Strategically located between the Atasehir and Ümraniye districts, the site offers easy accessibility and views to the historic centre of Istanbul.
Major infrastructure improvements of the project include a transportation system featuring a new subway line and station as well as new infrastructure for sustainable power, water, data and security. These systems are integrated into a podium that provides a surface for a new urban park.
The IIFC is also being built to be a sustainable financial centre, which will satisfy the country’s current needs and will position it for continued rapid growth while supporting the site’s natural systems and honouring Turkey’s heritage.
Arup has provided a variety of engineering, sustainability, information technology, communications and security design services during the master planning phase. Excavation work has started on the site by the Turkish construction company Akdeniz Group with the IIFC scheduled for completion by the end of 2016.
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