Linca Shanghai Ltd is launching a 5-billion-yuan (US$602 million) renovation project at Duolun Road to protect the area's unique cultural flavor and boost economic development, companies officials said yesterday.
The listed developer recently won approval from the city government to start the project which will change the Duolun community into a cultural, commercial and residential center in four or five years, according to the company.
"We aim to keep the street's unique historic ambience while adding new cultural elements through the renovation," said Linca Shanghai General Manager Chen Xiang.
Located in Hongkou District, Duolun Road is an old street boasting some of the city's best villas and mansions in European style as well as old Shanghai-style buildings. It was once home to some of China's most famous writers, including Lu Xun and Guo Moruo.
According to Linca's plan, an area of 310,000 square meters will be developed for commercial use while the remaining 70,000 square meters will be allocated for residential purpose.
In addition, another 160,000 square meters of underground space is expected to accommodate parking lots and other public facilities.
"We've already invited four overseas design companies from the United States, Japan, France and Spain to map out detailed renovation plans together with domestic designers," Chen said.