Visakhapatnam Metropolitan Region Development Authority's Deck to house Ratan Tata innovation hub's Vizag spoke
The urban development authority developed the property, designed to resemble a cruise ship, adjacent to its office at Siripuram Junction in the city.
The facility boasts good views of the surroundings and features a configuration of three basement levels, a ground floor, seven additional floors, and a terrace, with a total built-up area of 3.76 lakh square feet. The structure offers both underground and overground parking, and can accommodate 440 cars and 250 bikes.
As of now, it is believed to be the largest public parking space in Andhra Pradesh.
Notably, the fifth floor of 'The Deck' will house the proposed Visakhapatnam spoke of Ratan Tata Innovation Hub (RTIH), which will be developed in Amaravati. The conceptualisation, design, and construction of interior decorative door works, along with electrical and IT networking systems for the RTIH Vizag spoke, are expected to be finalised shortly on this floor.
According to the state govt's recent Innovation and Startup Policy (4.0) for 2024-29, RTIH in Amaravati will serve as the central hub, while five regional centres will be established in Rajahmundry, Vijayawada, Visakhapatnam, Tirupati, and Anantapur, functioning as spokes to extend the central hub's efforts.
The hub-and-spoke model of institutional start-up support aims to facilitate the translation of best practices and innovative ideas into viable businesses.
The model will operate through dual funding from corporate and govt sources, providing seed capital and covering operational expenditure. The state govt will facilitate a capital grant of up to Rs 250 crore for RTIH and Rs 100 crore for each spoke centre, based on performance, over the next five years.
The RTIH and its regional hubs will spearhead initiatives to drive a culture of innovation and support startups throughout their evolution.
Its spoke in Visakhapatnam is expected to operate from 'The Deck' till a permanent facility is constructed.
M
eanwhile, VMRDA is inviting applications for available space on the remaining floors. 'The Deck' building consists of 12 floors, and the urban development authority intends to license out five of them to interested applicants for use as retail, commercial, institutional, office, or restaurant spaces.
Located in Siripuram, near RK Beach and other prominent city landmarks, 'The Deck' is an architecturally striking multi-level car parking and commercial complex, intended to enhance urban mobility and address parking challenges. The property is likely to be inaugurated by chief minister N Chandrababu Naidu soon. VMRDA has invested about Rs 85 crore in its construction.
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