TWO developers have emerged as the preferred bidders in the process initiated by the Lagos authorities to redevelop the land formerly belonging to the Bank of Industry (BOI), on Broad Street in the Central Business District (CBD).

The Guardian learnt  that Lagos authorities are also considering a multi-use facility, which will house luxury apartments, offices and shops of different categories as well as parking space for up to 100 vehicles, and capable of meeting the needs and taste of modern business environment.

The race for the redevelopment of choice site began in 2012, when the umbrella body of consulting architects -Association of Consulting Architects of Nigeria (ACEN) received proposal from different architects for the proposed ultra- modern commercial complex, envisioned not only to add value to the CBD, but also restore the glory of the burnt BOI building.

On March 22, 2006, the 22-storey Nigerian Industrial Development Bank building (NIDB), now BOI collapsed. This happened after a fire had gutted two stories in the building and heavy winds during a thunderstorm caused the building to cave in from the structural weakness after the fire. Before it’s demolition, the government had acquired the property in public interest.

Initially, seven investors had indicated interest in the tenders for public- private partnership (PPP) project towards the construction of ultra-modern edifice, but out of the pack, two private developers have submitted their proposals and currently being studied by the appropriate officials in the Lagos State government.

Coming as part of regeneration programme embarked upon by the Lagos government in Lagos Island, the site of the demolished Bank of Industry (BOI) is expected to accommodate a mixed-use development with all the state of art facility. 
State officials told The Guardian that the proposed building would be 100 per cent private investor’s driven with government providing land as its equity and the necessary documentation.

The State’s Commissioner for Physical Planning and Urban Development, Mr. Toyin Ayinde, who confirmed the development last week, said that the project is part of the regeneration programme in the Lagos Central Business District (LCBD).

According to Ayinde, government has received proposal from different architects who are members of Association of Consulting Architects of Nigeria (ACEN), who shared the same vision on the project.
He said the state will appoint a consultant to study the proposals and make recommendation to government. Any of the prequalified architects that emerge as bid winner will act as the developer for the project.

His said:
“ Completion of Tinubu square and Balogun market few years ago was part of the global developmental project of the CBD, including the proposed project and others that are in pipeline. Therefore, what we are waiting for is to see their design and financial models, this would convince government of their level of seriousness, competence and financial capability. Government would not want a situation where investors commence a project and abandons it”.

The Commissioner who held the annual ministerial press briefing on his ministry’s activities last week, also hinted that government has embarked on the regeneration of burnt properties in Ojo-Giwa/Okoya, in the same Lagos Island.

He said the approach adopted in that location is similar to the one in Isalegangan/Aroloya, which involves pooling of small plots for meaningful development to meet basic planning standards.
It will also involve adequate consultation and constructive engagement of relevant stakeholders.  It should be recalled that Ojo-Giwa/Okoya Streets Lagos Island got burnt on 26th December 2012 hence the need for regeneration programme.
Ayinde disclosed that the government is embarking on international collaboration on urban regeneration, which involve Millennium Development Agencies (MDAs) and French Development Agency (FDA). The programme is in the process of selecting consultants that will carry out feasibility studies of slum upgrade under the “EKO UP Project”.