BoI-Purple Partnership, Game-Changer in Hospitality, Entertainment

Development

Despite the gloom that seems to becloud the country, the hospitality and entertainment needs of Nigerians remain and cannot be ignored. As it is well known, this all-important desire by citizens is being driven to fruition by the private sector, and leading this charge is Purple Group, which is set to realise the vision of its world-class mixed-use integrated entertainment centre, through the strategic support of The Bank of Industry (BoI) and Keystone Bank collaboration. Chris Paul reports

In May 2021, an agreement was signed between the Purple Group and its new partners in the public and private sectors, Bank of Industry and Keystone Bank, for the completion of PurpleLekki in the upscale Lekki area of Lagos state.

Estimated to be delivered in the second quarter of 2022, Purple Lekki will be furnished with state of the art exterior & interior pieces driven by cutting-edge technology. This will provide an infrastructural platform for entertainment, hospitality and retail. For instance, the Cinema embedded in the project, will bring a refreshing flavour to family and community entertainment patronage and management in Nigeria.

By the time the Purple Lekki goes up and becomes functional, it will quickly be the Mecca of Nollywood managers, producers, players and patrons as the site to shoot blockbuster movies and a place to watch them upon release to the cinemas.

Beyond the entertainment value is the socio economic impact the development brings to the table.

With over 2,500 estimated direct and indirect jobs on site, the massive construction is already creating a pseudo community economy for the part of Lekki hosting its presence. This fact must have jolted BOI/Keystone syndicated interest to bankroll the project.

Typifying the vision of a 21st century cutting-edge mixed-use property concept, PurpleLekki, an integrated entertainment, hospitality and retail hub, presents all the enchanting features of the current vogue in global high-end architectural masterpieces.

Reflecting the growing trend for urbanists and developers to incorporate a range of uses on city center sites, the mixed-use medium makes for more efficient use of scarce land, providing a more varied and sustainable experience for occupiers and visitors.

Breathing new life into a previously underserved neighbourhood, the Purple vision creates a completely connected community of co-living and co-working professionals, leisure seekers and short, long-stay guests.

Envisioned as a vibrant live-work-play hub that fosters emotional connections with its users through lively social and cultural activities, inviting public places and energetic community vibes, the Purple mixed-use development comprises a retail and department centre which serves as a platform to inspire retail innovation; other blocks that meet the needs of a variety of businesses and co-working spaces.

At the core of the Purple idea is community, connectivity, comfort and convenience.

Catering to the new breed of consumers whose desire for a collaborative environment and authentic experiences reflect their passions and tastes, the Purple mixed-use concept provides exceptional visibility in the very heart of the part of urban Lagos it finds itself.

Resolutely contemporary and eco-friendly, this new, but evolving format forms an integral part of an institutional and cultural compound that will be home to the core of the Lagos metropolitan taste for lifestyle and entertainment; with a view to facilitating cultural synergies and business alliances.

By the time, the Purple mixed-use development completes its construction course, it will transform skylines and their striking silhouettes will stand as an emblem of Lagos city’s rising status as a global metropolis.

With a potential to invigorate its urban context, the ongoing PurpleLekki, for example, embodies a radical manifestation of the potential of the dignity of a space to be and feel free.

Revealing its inner life, Purple projects the image of human activity and inhabitation to the surrounding neighborhoods.

The PurpleLekki stands out as a project, combining class-A offices with an industrial and modern design; retail and culture with an array of restaurants, and boutiques; a cinema; and family entertainment for all ages.

The adventurous synthesis of conventional and high-tech architecture creates a great space for business and art; while the modern and friendly spaces are perfect for work and everyday activities.

Purple Lekki could be considered as a ‘city within a city. These qualities must have convinced the Bank of Industry (BOI) and Keystone bank to back the Purple Group with significant investment.

The BoI-Purple marriage is one that defines the true colour of public private partnership (PPP) as a veritable means of achieving an inclusive and integrated development of a nation’s economy; in this case, entertainment and hospitality.

Led by its Managing Director, Olukayode Pitan, BoI has been collaborating with various Industry subsector groups such as the All Africa Music Awards (AFRIMA) to improve structures in the nation’s creative and entertainment industries, with a view to increasing the economic benefits that harnessing what these industries would bring to Nigeria.

The bank believes this would aid both the industry and the country in general to take full advantage of the abundant talents resident in the country. The value the creative industry brings to the nation’s economy in terms of saving the nation’s huge foreign exchange spent on acquiring structures and facilities including studios, is one of the major attraction for the bank. Notwithstanding the little attention given to the entertainment sector, as it still contributed about 1.42 per cent to the nation’s gross domestic product (GDP).

In BoI’s paradigm shift, the bank has paid considerable attention to the creative industry because it is aware of its potential and contributions to the Nigerian economy

Regarding the structures needed to support the industry, the nation’s premier development finance institution is also driving the process to bring in foreign and private investors to consider investing in the creative and entertainment industries, stating that it would help create job opportunities as well as support other value chains in the sector.

Although the bank acknowledges the abundance of talents in Nigeria, the managers of the bank recognize that structure is what is lacking.

Among the many attractions for the BoI’s interest in the Purple’s developments, the entertainment and hospitality components in the mixed-use medium makes the Purple idea a game-changer for the government funding institution.

As a major backer of the Purple concept, Keystone bank has established itself as a financial institution with a keen eye for ideas and projects that push the envelope in advancing nation- building and community development, according to prevailing global trends.

The Purple concept had obviously captured Keystone’s imagination of a Disney-styled mixed-use development to earn the bank’s inspired passion to be a major partner in the business.

With a resolute service promise to support, guide and grow businesses, Keystone has been providing the necessary financial solutions for growth, while keeping in focus the business’ need for profitability and efficient liquidity management.

Its sector focus includes: general commerce (trading), industrial and agro-allied chemicals, telecommunications, manufacturing, downstream oil and gas trading, hospitality and building and construction, among others.

Its support for the Purple development resonates with the bank’s service promise to support, guide and grow this new concept in mixed-use development in the country.

The entire concept of these space age mixed-use developments is defined in Purple Living, which was launched by the Group’s CEO, Laide Agboola, as part of its contribution to property development in Nigeria.

Also created to engender wealth creation, some of Purple Living concepts are designed to help address the estimated 18 million housing deficit in the country and create wealth. As part of the plans, Purple promises to provide Nigerians with an opportunity to own premium, gated, and affordable residences in the heart of Maryland and Lekki with flexible payment plans.

Homes are an essential good and the ongoing COVID-19 pandemic has facilitated a reality where more white-collar workers and entrepreneurs are spending more time at home.

This has brought about the need to invest in new homes or secure their savings in real estate investments over other financial instruments.

Purple Living is working to create home ownership and facilitate real estate investment while preserving the ultra-modern standard of living.

With the rising cost of rents in a cosmopolitan city like Lagos, structured payments have also been created, which will offer maximum customer satisfaction and an unbeatable long-term return on investment.

“Purple Living, investors have the opportunity to make fortunes from their property investment. Essentially, discerning investors could generate huge returns from their investment in property as well as to create a portfolio of property investment with a view to building wealth,” Agboola stated.

“Our initiative will eradicate all the challenges of owning a house in different highbrow locations around Lagos and spread real estate opportunities to property lovers in a very subtle and convenient way,” he added.

Purple, he pointed out, was focused on providing top facility management and services while developing more properties that fit into future smart cities.

According to him, developments are to follow an urban village model, mixed-use assets where residences are in close proximity to essential and entertainment facilities.

Agboola said Purple will help transform the landscapes of urban communities and place Nigeria at the forefront of development in Africa.

Purple Living consists of three major projects.

Currently under development and set in Lekki Phase 1, PurpleLekki consist of the Nano hotel-apartments situated right in the heart of the current mixed-use “Urban Village.”

This is the first of the three projects.

Attired in premium and modern-styled residences, the macro apartments are situated on the mainland and consist of one, two and three bedroom apartments.

Strictly residential and gated developments also within the Lagos metropolis, the urban residences will be a mix of fully detached duplexes, semi-detached duplexes, pent apartments and 2, 3 and 4 bedroom apartments.

Formerly known as Purple Capital and founded in 2010, Purple Group is an investment firm creating lifestyle experiences through investments in superior mixed-use facilities, real estate, finance and entertainment across Nigeria, with the vision to shape the future by redefining the real estate industry globally.

Without a doubt, the Purple housing idea may define and transform the Nigerian housing landscape from its formlessness to a heavenly manifestation of the global best in mixed-use multi-purpose shelter.

Like a master artist, ensconced in the hue, the concept is already painting Lagos on the mixed-use canvas in colour Purple.