January 9, 2024 | Posted in News
THIRUVANANTHAPURAM : Embassy Taurus Techzone’s first special economic zone office building — Niagara Block — at Technopark Phase Three in Thiruvananthapuram is all set to begin operations on Wednesday. Chief Minister Pinarayi Vijayan, who also holds the IT portfolio, is scheduled to inaugurate the building offering 1 million square feet of office space at 4 pm.
The launch of the special economic zone (SEZ) space is expected to be a game changer for the state’s IT industry and the state capital. A part of Boston-based Taurus Investment Holdings’ mixed-use development project Taurus Downtown Trivandrum, the Niagara Block will house some of the marquee corporates and Fortune 100 companies on long-term lease.
Eighty-five percent of the office space at the 11-storeyed building has been leased out, with Allianz taking five floors. The other major tenants are Equifax Analytics, Acsia Technologies, Good Methods Softwares India, Prochant India, and Geekywolf Technologies. Of these, Equifax, a major multinational company, has leased out two floors and Prochant 20,000 square feet. Both these companies have also started operating from the facility. The Niagara Block also has five lakh square feet of parking space, spread over seven floors accommodating around 1,350 cars. The allocated land parcel has the potential for the development of another 1.5 million square feet as part of the next phase of the project.
Sources close to the project said some big names could soon start functioning there. The first phase has been completed at a cost of Rs 650 crore. The ground-breaking ceremony for its twin building, Victoria, with the same area and floors, is expected to be held in the near future. The project is waiting some approvals from the state government.
“Once the approvals are received, we will start the construction of Victoria,” a source said. The Taurus Downtown Trivandrum project will also have non-SEZ parts, with proposals in place for an office building named Yosemite and a mall called Zentrum. The Taurus Yosemite project will have 0.62-million sq ft of office space. Work on the 1.3-million sq ft Taurus Zentrum will begin after clearing the legal hurdles involved.
Interestingly, 50% of the Yosemite project space has been leased out. The final hearing of a related case at the National Green Tribunal is expected this week, with a favourable verdict expected, sources said. Taurus Zentrum is expected to be the largest mall in the region in terms of gross leasable area. Asset Taurus Identity, a residential project with serviced apartments and a 155-key hotel, is also part of the project.
The Yosemite project will also include a world class water conservation system and a waste management system based on the latest technology. It is being designed as an energy-efficient green infrastructure with a significant part generated from solar power. The buildings will also be equipped with adequate EV charging points. Yosemite and Zentrum have been registered for the Gold Well certification for a clean and a healthy working environment.