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Lagos, Rendeavour partner to evolve over N90bn Alaro Satellite City

 

In order to provide settlement for the thousands of staff and personnel of the Lekki Free Zone, the Lekki International Airport and other companies along the Lekki business corridor and still create about 3,000 job opportunities, the Lagos State has gone into partnership with an urban developer to develop Alaro City.

Reliable source from the developer revealed that the city will cost a total of USS$250 million when calculated at a N360.00 per dollar. While welcoming the substantial foreign direct investment, the Governor of Lagos State, Mr. Akinwunmi Ambode.said that what Rendeavour is making in Alaro City, will further enhance the Lekki Free Zone as the gateway of choice to Nigeria and West Africa as well as supporting the local community and symbolises the government’s continuous support for private investors and fast tracking development.

Africa’s largest urban developer, Rendeavour, in partnership with the Lagos State Government, havebroken ground on a new satellite city development in the Lekki Free Zone as part of a joint venture that boosts foreign direct investment in Nigeria and will create tens of thousands of jobs.

The project, named Alaro City, is a mixed-income, city-scale development and a premium industrial, logistics, housing and leisure location, complemented by high quality commercial office complexes, homes, schools, healthcare facilities, hotels, entertainment and 150 hectares of parks and open spaces.

According to him, Alaro City is a mixed-income, city-scale development with master-planned areas for offices, logistics and warehousing, homes, schools, healthcare facilities, hotels, entertainment and 150 hectares of parks and open spaces. Rendeavour and Lagos State Government, through their subsidiary, North West Quadrant Development Company (NWQDC), have conceived Alaro City as a 2,000-hectare, market-led project.

He said that NWQDC is authorised by both the Federal Government of Nigeria, through the Nigeria Export Processing Zones Authority, and the Lagos State Government as an entity to develop, operate, administer and manage Alaro City.

Located in the North West Quadrant of the Lekki Free Zone, Alaro City lies in the growth path of Lagos, one of Africa’s fastest-growing cities with a population of over 20 million. Alaro City is adjacent to the future Epe international airport, Lagos, and close to the region’s largest deep-sea port and major Nigerian and international companies.

At a ceremony marking the start of the project, which already has multi-national companies building facilities on site, Alaro City’s partners outlined their vision of the satellite city. Conceived as a 2,000 hectare project in 2012, Rendeavour and Lagos State announced their partnership in 2015 under the administration of former Lagos State Governor Babatunde Fashola. Over the last year, the joint venture has received its Certificate of Occupancy and master plan approval from relevant authorities.

Stephen Jennings, founder and CEO of Rendeavour, said: “We are proud and delighted to be bringing our successful inclusive city model to Nigeria and Lagos State, the heart of the country’s vibrant economy. Our partnership with Lagos State will ensure that Alaro City is an economically sustainable city open to all Nigerians. We already look forward to the development of Alaro City and to its 2,000 hectares, to accommodate the rapid growth of the Lekki Free Zone.”

Rendeavour is building seven new cities in Africa: in Nigeria, Kenya, Ghana, Zambia and Democratic Republic of the Congo. As a master developer, Rendeavour invests over $250 million in each project, creating the infrastructure and living and working spaces that will help sustain and accelerate Africa’s economic growth, meet the aspirations of Africa’s burgeoning middle classes, and serve as a catalyst for further urban development.

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