CONSTRUCTION work has commenced on the Istanbul International Financial Centre (IIFC) in Istanbul, Turkey, which is being built on a 170-acre site on the city’s Asian side.

HOK, which is currently designing two of IIFC’s high-rise office towers, has developed the masterplan for the project, in addition to architectural and landscape design standards, and sustainability guidelines. The masterplan involves four distinct districts focusing on culture, commerce, civic functions and governance.

“Our masterplan provides a framework for developing a sustainable financial centre in a way that blends human need, environmental stewardship and economic viability into a new global model of urbanism rooted in Turkish culture,” said HOK president Bill Hellmuth.

Turkish construction company Akdeniz Group has begun excavation work on the site, and the IIFC is scheduled for completion at the end of 2016. Global consulting firm Arup provided a variety of engineering, sustainability, information technology, communications and security design services during the masterplanning phase.

Turkey aims to establish the IIFC as a global centre for finance that will house the head offices of the country’s financial market governing bodies, state-owned and private banks and related businesses. It will include approximately 45 million sq ft of office, residential and retail space.

Strategically located between the Ataehir and Ümraniye districts, the site offers easy accessibility and views to the historic centre of Istanbul. Major infrastructure improvements include a transportation system featuring a new subway line and a station as well as new infrastructure for sustainable power, water, data and security.