Afriland Properties has signed a joint redevelopment partnership with the Lagos State Development and Property Corporation to turn the former Falomo Shopping Complex to a premium sky-high real estate.
The information was disclosed by the developer, Afriland Properties, via a video it shared on YouTube over the weekend.
The project is expected to enhance the socio-economic outlook of the neighbourhood as it is a major urban renewal project that will restore the aesthetic landscape of Falomo, the commercial suburb of Ikoyi in the state.
Afriland Properties Plc is a subsidiary of Heir Holdings, owned by the foremost entrepreneur and banker, Tony Elumelu.
According to the Governor of Lagos State, Babajide Sanwo-Olu, who was present at the project site, 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.
“When this partnership was initiated 10 years ago, I was the Managing Director of Lagos State Development and Property Corporation.
“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 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.”
The Governor added 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.
Speaking on Falomo Towers, Elumelu commended the Governor of Lagos State for believing in private sector.
Elumelu said: “I commend Governor Babajide Sanwo-Olu and the political leaders of the State for believing in the private sector.
“What we are witnessing today attests to their beliefs in the private sector as a driver of development in the State.
“For the private sector to do well, the political leadership must create the right environment.
“Lagos has set the pace in this direction.
“This partnership is a celebration of dialogue and this makes Lagos remain the most hospitable environment for investors.”