A Brown Company Inc., the listed holding firm of businessman Walter Brown, has signed a P2.5-billion joint venture agreement (JVA) with the Provincial Government of Misamis Oriental to transform part of the Provincial Capitol Compound into a mixed-use complex.

A Brown, in a disclosure to the Philippine Stock Exchange on Friday, said the agreement was finalized on 23 January.

The Misamis Oriental Capitol Compound Development Project will be developed under an integrated master plan covering four lots.

The plan includes public infrastructure upgrades, a high-rise multi-purpose building, commercial and office spaces, a dormitory, and a public park.

The project will be carried out in two phases, each with a specific timetable.

Phase 1, which covers the construction of office spaces, a shopping center, a park, and parking facilities, is set to be completed within five years and six months after the province turns over the property.

Phase 2 involves a multilevel mixed-use building with a dormitory and will commence after Phase 1. It will have the same timeline for completion.

As part of the agreement, A Brown will acquire a 4,024-square-meter parcel of land within the site, which will be developed into a modern urban center.

The multi-level mixed-use building on this site will complement the rest of the complex.

The company also confirmed it has secured clearance from the Commission on Audit, ensuring compliance with government regulations.