Local and foreign investors have expressed interest, through formal bids, to partner the Ghana Airports Company Limited (GACL) in the development of the Airport City II project within the Kotoka International Airport enclave, AviationGhana sources have revealed.

The successful bidder is expected to provide not less than U$100million in unencumbered capital for initial investment in the project.

The designated project site is approximately 272 acres located within the KIA enclave. The plan is to develop a high-end mixed-use commercial, residential, lifestyle and entertainment precinct that dovetails into the general landside infrastructure expansion program at the Airport.

The initial phase of the project entails the development of a high-end site and services scheme to develop the precinct. The enclave will be fully serviced with quality infrastructure to deliver premium serviced plots for the different structured land uses. The service infrastructure includes water and power, roads and associated drains, landscaping, telecommunication, and security infrastructure.

The next phase of the project will include land/plot allocations to individual investors either through a joint venture agreement with GACL or outright lease for development in conformity with the approved Land Use plan.

The GACL in an Expression of Interest (EoI) for the engagement of a Master/ Anchor Developer(s) published in March, said successful bidder(s) will provide the required funding for the construction/installation of the infrastructure for the Initial Phase and may also be willing to develop some of the strategic properties in the enclave under any of the three (3) main financing arrangement.

One of the arrangements proposed in the EoI published is for an investor who will provide the requisite funding to GACL for the infrastructure works in return for an agreed size of land. The development of the land allocated to the investor will, however, be subjected to adherence of the approved master development plan and the accompanying developmental controls.

The second option is for an investor who will undertake the construction/installation of the required infrastructure at their own cost in return for an agreed size of land. The development of the land allocated to the investor will be subject to the adherence of the approved master development plan and the accompanying developmental controls.

The third option involves an investor who will partner GACL to construct/install the infrastructure and develop some of the strategic projects in the enclave. The investor will provide the financial capability, the technical know-how, the network to draw in the required anchor tenants, and brand for the properties that would be developed. The partnership will share proceeds from the entire project.