Kehinde Ibrahim Lagos
THE Lagos State Governor Babajide Sanwo-Olu on Friday flagged off the redevelopment of the old Falomo shopping complex to a redesigned tower in a joint partnership between the public and private sectors.
The project is being prosecuted by the Lagos State Development and Property Corporation (LSDPC) in partnership with a company owned by Tony Elumelu, chairman of Heir Holdings.
The tower will be comprised of a ten floors, of living apartments, offices and a shopping complex, according to a source from Eleumelu group of companies.
LSDPC sealed a joint redevelopment partnership with Afriland Properties Plc, a private developer, to turn the former Falomo Shopping Complex into a premium sky-high real estate that will enhance the socio-economic outlook of the neighbourhood, according to a statement by the chief press secretary of the governor, Gboyega Akosile.
The statement said the Falomo Towers, being developed on 11,950 square metres of land, will offer a blend of green amenities that will promote quality living. Afriland Properties Plc is a subsidiary of Heir Holdings.
The project development is expected to be completed in 30 months.
Sanwo-Olu, at the sod-turning ceremony held at the project site, said the construction flag-off ended a decade-long discussion with the developer to revive the project and build iconic towers that would turn around the fallow land for the benefit of the public.
The Governor said the project was another milestone achieved by his administration to renew urban amenities, stressing that the strategic implementation of the Lagos Masterplan had been dependent on the Government’s ability to forge a workable partnership between the public and private sectors.
“This is a phenomenal project that will bring back the lost ambience of Ikoyi. When this partnership was initiated 10 years ago, I was the Managing Director of LSDPC. It is interesting to note that we’ve all gone through arbitration but we didn’t throw a wrong punch.
“We agreed this project must not be thrown away. Today we are making a transaction that is bigger and better than what was initially proposed 10 years ago.
“This testifies to the uniqueness of public and private sectors in ensuring things can be made a lot better when we sit and agree. This is a clear example of what Public-Private Partnership (PPP) model is out to achieve when partnerships and collaborations are pursued and implemented with seriousness. When we put our minds of possibilities to ideas, great things happen. This aptly describes the story of today’s flag-off of the construction of Falomo Towers.”
Sanwo-Olu described Afriland Properties as a tested, trusted and reliable developer, saying the Corporation had found the right partner for the redevelopment project.
The Governor reiterated that the State Government would remain committed to ensuring the investors get full value for their investments while promising to continue to pursue business environment reforms, including automation of land and property records to scale up transparency and efficiency that catalyse sustainable investments.
Elemelu said the partnership was another testimony to the Lagos State Government’s belief in the private sector as a key development driver in the State, praising the Lagos political leadership for setting the pace of private sector inclusion in governance.
For surmounting obstacles that delayed the take-off of the partnership, Elumelu said Lagos remained the most hospitable environment to investors seeking a profitable returns on their investments.
