…LSDPC partners private developer to re-model fallow land for mass housing scheme
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A major urban renewal project that will restore the aesthetic landscape of Falomo, the commercial suburb of Ikoyi in Lagos State, has been flagged off by Governor Babajide Sanwo-Olu, on Friday.
Lagos State Development and Property Corporation (LSDPC) sealed a joint redevelopment partnership with Afriland Properties Plc, a private developer, to turn former Falomo Shopping Complex to a premium sky-high real estate that will enhance the socio-economic outlook of the neighbourhood.
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, owned by the foremost entrepreneur and banker, Mr. Tony Elumelu.
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 workable partnership between the public and private sectors.
He said: “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 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.