After years of arbitration and disagreement, the Lagos State Government and Afriland Properties Limited, a subsidiary of Heirs Holding owned by business mogul, Mr, Tony Elumelu, has finally turned the sod for the development of the iconic Falomo Towers.
The state-of-the-art towers, Daily Trust Saturday gathered, would be developed on the old Falomo Shopping Complex in the heart of Ikoyi.
This is coming about 10 years after both the state government and the real estate firm were in arbitration over the termination of the contract in 2015 during the administration of Governor Akinwunmi Ambode.
However, the government represented by the Lagos State Development and Property Corporation (LSDPC) and the concessionaire have resolved the disagreement and the project is about to take off on 11,950 square metres of land with particular focus on sustainability to ensure a cleaner and greener environment.
Afriland properties would develop, build, operate and maintain the project on a Build, Operate and Transfer (BOT) basis.
Governor Babajide Sanwo-Olu, who performed the sod-turning ceremony alongside Elumelu, said the 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.
The Chief Executive Officer of Afriland Properties, Mrs. Uzo Oshogwe, noted that the redevelopment project was a revival of a landmark, saying: “With the project, we tend to give Ikoyi back its aesthetic landmark.”
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