A private developer, GulfCap Real Estate, has initiated a Sh120 billion real estate project in Kisumu, aiming to meet the growing demand for housing in the lakeside city.
The ambitious development, named LV Marina, will be built on a 285-acre parcel of land owned by the family of the late former Vice President Jaramogi Oginga Odinga.
The land, which previously hosted the controversial and defunct molasses plant owned by the Odinga family, will now house a mix of residential and commercial facilities, alongside modern social amenities.
A Vision for Modern Living
According to GulfCap Real Estate chairman Suleiman Shahbal, the project will feature 1,400 houses alongside various commercial premises and essential amenities such as schools and hospitals.
“The development will offer a variety of living options, including waterfront villas and apartments, complemented by state-of-the-art infrastructure. It will also include light industrial parks and commercial hubs with retail centers, hotels, and educational institutions,” said Mr. Shahbal.
The first phase of LV Marina is set to begin immediately and is projected to take six years to complete. Mr. Shahbal emphasized that the project is designed to serve a wide range of income levels and aims to benefit not only Kisumu and the western Kenya region but the entire country.
Support from Raila Odinga
Speaking during the launch, former Prime Minister Raila Odinga noted that the housing project was conceived as an ideal use for the land following the collapse of the molasses plant.
“We decided that a housing project was the most suitable option for this region. After negotiations with my brother Shahbal, we agreed to move forward with this plan,” said Mr. Odinga.
He highlighted that the project aligns with the government’s affordable housing agenda, underscoring the critical role of private sector partnerships in achieving this goal.
Boosting Kisumu’s Status as a Progressive City
Mr. Odinga further remarked on the significance of the development in elevating Kisumu’s profile as a progressive city.
“This project confirms Kisumu’s emerging status as a city that prioritizes higher living standards. The future belongs to cities that offer better homes, schools, hospitals, and job opportunities,” he said.
He also emphasized the family’s vision of creating a city where all residents can enjoy security, good health, and prosperity. “This initiative reflects our belief in building a city that supports the well-being and success of its people,” added Mr. Odinga.
A Milestone for Kisumu’s Growth
The LV Marina project represents a significant milestone for Kisumu, offering not only much-needed housing but also creating employment and business opportunities for the region.
It underscores the growing importance of private-public collaborations in addressing housing challenges while shaping the future of urban development in Kenya.
