A fresh attempt is being made to resurrect an ambitious development effort in the heart of Lagos Island under moves by the authorities in the state to meet with the growing demands of its mega city status.
At the centre of the new effort is the redevelopment of the Oluwole commercial district, a proposal, which will gulp up to N9.5 billion.

The concept is not new as a real estate development group, Messrs. Astra Builders West Africa Limited had planned to transform the Lagos Island commercial area into a shopping/ office precinct of international standard 17 years ago, but court actions between the local inhabitants and the Lagos State Development and Property Corporation (LSDPC), on their relocation halted it.

But under a fresh effort to redevelop the area, the state has entered into a partnership with a team of private sector investors for the renewal of the Oluwole Market, which is being re-branded as the Oluwole Urban Market and Multifunctional City Centre. Martins, Nnamdi Azikiwe and Alli-Balogun Streets within the Central Business District (CBD) bound the Oluwole site measuring about 20,000 square metres.

The project promoted by a consortium led by ARM Properties Plc, has other members as Lagos State Development and Property Development Company (LSDPC) and AZDEC Design Company. LSDPC has given concession for the area for redevelopment for 30 years under a Public Private Partnerships (PPPs) scheme. ARM Properties Plc a property investment company substantially owned by and managed by ARM but structurally independent with its own board and management.

The Oluwole commercial district upgrading scheme is part of the state's Lagos Island Central Business District Revitalisation/Marina City Project, which is a five-year project, jointly executed by the Lagos government and private sector players. This project has already begun with the redesigning and reconstruction of roads and infrastructure within the CBD and the adjoining axes.

Under the Oluwole Urban Market and Multifunctional City Centre, the hotspot known as Oluwole market is being upgraded with a purpose built modern, professionally managed multi functional mixed-use complex. Already, the former inhabitants have been compensated and the area cleared. Each family was given a flat in Shaha area and a K-klamp each. Apart from the on-going work at the Oluwole Urban market, which measures about 5, 000 square metres, the remaining site of 15, 000 square metres now serves as a car park temporarily.

The project has been subdivided into two phases. The first stage is the Oluwole Urban Market development, while the second phase will be the development of a multifunctional city centre. The site preparation for the market designed as a modern urban market/ commercial mall began October 2007. The piling works and the ground floor slabs have been completed. The projects' contractors are Dys Trocca Valsesia (DTV). Senior officials of ARM Properties Plc disclosed last week that the shops in the market have been sold off plan to about 50 per cent and construction work is two weeks ahead of schedule. The promoters may not release more shops into the real estate market until completion.

The new N1.5 billion-market/ commercial mall will be on four level concrete structures covering a floor area of about 3, 881 square metres with 390 shops/ stalls and 240 K-klamps. Oluwole shops are being sold on 25-year leases with prices ranging from N400, 000 for K-Klamps to N19.5 million for fast food/bank units.
Anticipated for the area is a new access road to be constructed alongside the integrated development. Other facilities are toilets, lifts, loading bays, fire and burglary alarms system, waste disposal and management systems and power supply. The project's construction period is put at 18 months while the delivery date is the first quarter of next year.

"The conceptual design is based on an atrium concept and is balanced against careful attention to commercial and pedestrian activities as well as strategic positioning of outlets," according to Yinka Ogunsulire, the managing director of ARM Properties Plc. The major redevelopment exercise will be anchored on the Oluwole Multifunctional City Centre (MFCC), a mixed-use complex which will include shops, stalls, restaurants, entertainment centres, recreational services, office units and support services. The project, comprising a five level structure will gulp N8 billion.

The proposed development will be kick-started in July and will run in two phases. The Phase I comprises the development of the Central Area and the Right Wing from the ground to the 4th floor shops, office space and multi storey car park. The Phase II consists of the Left Wing Area with shop and office spaces. "The office market in Lagos is mainly corporate built, which are usually large spaces. But, most of the demands are for smaller spaces. We plan to provide first class smaller business units that people can buy or rent, which can be used as show room or offices.

"We strongly believe that we can always change people behaviour by giving them a first grade environment to work and live in. A lot of us thought that Lagos couldn't change. But if you change the environment and give dignity to people, our mindset would change. We are looking at facility that works during the day and night, a 24-hour facility," Ogunsulire said.

The Guardian learnt that the tender process will commence next month with the completion of the working drawings. Some pre-qualified contractors may be invited to bid for the construction of the MFCC.
The project encompasses the Veranda city complex - central main building left and right wings with series of covered walkways, atriums and courtyards. There is also a pedestrian friendly development, with bridges linking the spaces to offices and shopping area to other parts of the centre.

"This concept is designed to create a functional, aesthetically pleasing space and allows for natural ventilation. The ventilation system works using a stack system with cool air coming below and hot air rising and moving out of the structure through roof- top outlets. The atrium style also allows for equal exposure to all shops whilst enclosing all commercial activities. The design lends itself to a retail environment with a workable pedestrian flow and circulation pattern that blends with its urban surroundings. This is balanced against careful attention to the strategic positioning of shop and market outlets," she added.

On completion, Briscoe Properties Limited (BPL), a facilities management company, which will ensure the continued maintenance and efficient running of the development, will manage the complex.