Lagos State Government Commences Development of Falomo Towers, Ikoyi Under a Public Private Partnership Model

Lagos State Governor, Mr Babajide Sanwo-Olu has turned the sod for the development of a mixed residential and commercial housing project at the site of the former Falomo Shopping Complex in Ikoyi in line with the urban renewal and regeneration plan of his administration.

The project which will be completed under a Public Private Partnership between the Lagos State Development and Property Corporation, LSDPC, and a private venture owned by foremost banker and entrepreneur, Mr Tony Elumelu will turn the former Falomo Shopping Complex into a premium sky-high real estate over a 30 month period.

Named Falomo Towers, the property which sits on an 11,950 square metres of land, will offer a blend of green amenities that will promote quality living.

While performing the sod turning ceremony, Gov.Sanwo-Olu, stated that the act had ended a decade-long discussion with the developer and promised that the State Government would remain committed to ensuring the investors get full value for their fund, while pledging to continue to provide an enabling environment for business and sustainable investments.

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.”

The proposed development

In his remarks, Mr. Elemelu described the joint venture as another testimony to the Lagos State Government’s belief in the private sector as a key development driver, 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, Mr Elumelu enthused that Lagos remained the most hospitable environment to investors seeking profitable return on their investments.

He said: “I commend Gov. 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 driver of development in the State

“For 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.”

LSDPC Chief Executive Officer, Mr.. Ayodeji Joseph, said that the Corporation took an informed decision to turn around the site by building residential apartments to provide additional accommodation to the growing middle class, business professionals and the swelling rank of young citizens.

He said: “Over forty years down the line, the Corporation in its decision to renew some of its facilities has deemed it fit to redevelop the site of the shopping complex, taking into consideration the realities of today’s needs as well as the environmental impact implications. To achieve this purpose, we decided to mobilize finance from the private sector. This decision will free resources that could otherwise be tied down to this project, for other pressing needs. In addition, it will allow the project to benefit from the competitive efficiencies for which the private sector is better known.”

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