The project’s next big move, dubbed Block 2, will rise as a multi-level, mixed-use building that combines traditional public market stalls with curated food spots, local crafts, and lifestyle offerings.
The building’s architecture evokes the industrial charm of New York’s Chelsea Market through its brick-toned palette, while its massive LED corner screen echoes the vibrant visuals of Bonifacio Global City — both reimagined with a distinctly Cebuano spirit.
Management’s view
“We envision Carbon Market to be the model for urban renewal and public market modernization in the country,” said Saavedra, the chair and CEO of Megawide.
“In addition, we want to demonstrate our vertically-integrated operations and showcase the synergies within the Megawide group through these types of organic projects, to ensure speed to market, consistent quality, and excellent workmanship our developments are known for,” he added.
Early 2026 completion
Megawide, which built landmark projects such as the new Mactan Cebu International Airport terminal and redeveloped Clark International Airport, is handling everything under a design-and-build deal, from foundation works and structural development to the building’s core systems.
The company expects Block 2 to be completed by the first quarter of 2026
Once finished, it will complement the area’s growing mix of attractions: The Barracks hawker-style food center, the Sto. Niño Chapel, Freedom Park, and the soon-to-rise Puso Village.
Long-term commitment
The entire Carbon Market redevelopment sits on a 50-year lease with the Cebu City government and is being positioned as a catalyst for social, cultural, and economic revival.
The project also adds to Megawide’s growing portfolio, pushing its order book to P43.5 billion as of end-2024, with P16.3 billion in new contracts signed last year—including Block 2.
