Revitalized Istanbul shipyard to contribute 1.3 bln to economy

ISTANBUL

Tersane Istanbul, a transformative project that has repurposed an Ottoman-era shipyard in the Golden Horn into a vibrant urban hub hosting a wide array of activities, from retail spaces to cultural and sports venues, is set to generate an impressive $1.3 billion in revenue for the economy, Transport and Infrastructure Abdulkadir Uraloğlu has said.

As part of the first phase, which includes accommodation, cultural and artistic facilities, gastronomy and retail units, the Rixos Tersane Istanbul Hotel was inaugurated on Sept. 1.

The full completion of this phase, which will be opened to the public, is anticipated before the end of this year.

The inauguration ceremony was attended by President Recep Tayyip Erdoğan, alongside Uraloğlu and Culture and Tourism Minister Mehmet Nuri Ersoy.

The project encompasses a construction area of 700,000 square meters, featuring newly erected structures, Uraloğlu said.

"This colossal project, with an investment exceeding $1.3 billion, has been realized without utilizing public funds."

Over the 45-year operational period, the historic shipyard is expected to generate at least $1.3 billion in rental income for the treasury, the minister noted.

Uraloğlu described Tersane Istanbul as a unique initiative that revitalizes a 600-year-old Ottoman heritage site into a modern living space, reintegrating it into the fabric of the city.

He further elaborated that the historic shipyard, which forms the project site and had been subdivided into the Haliç, Camialtı and Taşkızak shipyards during modern Türkiye’s era, lost its function over the past 30 years and was inaccessible to the public for approximately 150 years.

Tersane Istanbul was developed to preserve the historic essence of the site while passing it on to future generations, he said.

This stands as an exemplary project in preserving an unparalleled historic site, not only in Türkiye but on a global scale, he added.

"We have safeguarded and will bequeath to future generations 26 historic Ottoman shipbuilding workshops and slipways."

The project also includes the creation of walking and cycling paths along the coastline, cafes, relaxation areas, social activity spaces, a 1,000-person capacity mosque, a library, experience-oriented activity zones for youth and students, accommodation facilities that bolster tourism in the historic peninsula, and two marinas with a capacity of 70 yachts each, alongside water sports areas.

“In doing so, we are reintroducing the 1.8-kilometer stretch of coastline to the public after a century and a half.”

Uraloğlu expressed that this unique area not only honors its historical heritage but also significantly enhances Istanbul's brand value.