The Gilberto Alzate Avendaño Foundation (FUGA) seeks to select the Developer of the Bronx Creative District project, that comprises the studies and designs, the construction and the operation and maintenance of the country’s first creative district.

Inicia la renovación del Bronx con el proyecto Bronx Distrito Creativo

On August 5 2019, FUGA released the draft for the terms of reference and the draft of the contract for the Developer of the Bronx Creative District project. A 35.000 m2 intervention project that aims for the transformation and renovation of the old Bronx sector.

The Developer of the project will The developer of the project must perform the studies and designs, licensing and permits, the development of the 3 Creative Units (including the construction and intervention of the buildings La Flauta, La Facultad and La Milla, and the construction of a whole new Creative Building), and the operation of the Creative District for 20 years.

The value of the Contract will be of approx. USD$74,333,750 (including approx.USD$4,496,406 for CAPEX, and approx. USD$29,369,687 for OPEX), in which the FUGA contribution will be of approx. USD$40,043,493. The retribution of the developer will be comprised by the Incomes of the Project (discounting the percentage of such incomes that will correspond to FUGA and that will be part of the Economic Offer). Said Incomes correspond to commercial incomes of the project plus incomes generates from the concession of spaces inside the Creative District.

The interested bidders must credit the following requirements in the Bidding Process:

Financial Capacity

Net Worth

Greater than or equal to 30.106 minimum legal wages

Indebtedness Level

Less than or equal to 85%

Work Capital

Greater than or equal to 12.403 minimum legal wages

Financing Capacity

50.176 minimum legal wages (credited through and SLBC or through an Irrevocable Investment Commitment)

Organization Capacity

Net Worth Profitability

Greater than 0

Assets Profitability

Greater than 0

Trust Fund Incorporation

Firm and irrevocable commitment of the Designated Trust with whom the bidder shall execute the trust fund contract demanded by the Contract. For such matter the bidder must present: (i) a commitment letter by the Designated Trust; (ii) Good standing certificate of the Designated Trust; (iii) Documents that credit the qualification required for the Designated Trust.

(Please note that the Designated Trust must be a Colombian Trust)

Technical Enabling Requirements

The Bidder must be registered in at least one activity of each of the three categories in the UNSPSC Codes: Construction, Real Estate Activities, Entertainment.

(Please note this requirement is only applicable to Bidders that are obliged to have RUP)

Construction of up to 5 buildings with minimum 4 levels high, which use includes supply, offices, commerce or services, and that has a total covered constructed area that adds 20.000 m2 minimum. One of the building must have 4 levels and 2 basements and a constructed area of 10.000 m2.

Operation or operation and maintenance of a building whose minimum total constructed area is 20.000 m2, and its use includes supply, offices or commercial spaces, or malls, or museums, libraries, galleries, convention centers or fair enclosure, that has had in charge the cleanliness, maintenance and security in general.

Organization of artistic, cultural and/or recreative spectacles, in minimum 5 events where each of the has a minimum value of 7.487 minimum legal wages.


Additionally, among the criteria that grands score in the Bidding Process, it is important to highlight:

Economic Offer

Preferential Fee

The lowest value that the bidder is willing to offer as Preferential Fee per square feet monthly. Considering that USD$14 is the maximum value possible. This would be the Fee charged to the occupants of the Creative District.

Percentage of Benefit from the Commercial Fee

The percentage of the Commercial Fee that the Bidder will share with FUGA. Considering that the minimum percentage amount is 1.92% of the Commercial Fee.

Technical Offer

Irrevocable commitment of installing 3 retractable covers in the three yards of La Facultad.


Until next August 22, Bidders will have the chance to submit observations to the Terms of Reference draft; the commencement of the Bidding Process and the realease of the definitive Terms of Reference will be next August 30; the presnetation of offers is set Septembre 23 and the award of the Contract is set fot October 29.




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