First City Monument Bank (FCMB) and TotalEnergies Staff Housing Cooperative Multipurpose Society Ltd (TEHC) have joined forces to finance Louisville Phase 1, a residential tower featuring 157 apartments, including two and three-bedroom units, four-bedroom maisonettes and five-bedroom penthouses, within Lagos’ Eko Atlantic City.
Phase 1 is part of the larger $150 million Louisville Mixed-Use Development, which will also encompass a luxury hotel, a commercial centre with retail outlets, multipurpose halls, premium cinemas and a games arcade. It will house state-of-the-art sports facilities including a gym, swimming pool and wellness centre, alongside parking for over 1,400 vehicles.
The project, renowned as West Africa’s first integrated urban ecosystem, has earned two Excellence in Design for Greater Efficiencies (EDGE) certifications from the International Finance Corporation (IFC). These awards, presented at the Future Cities – Africa Green Building Summit co-hosted by the Green Building Council Nigeria (GBCN), underscore Louisville’s commitment to sustainability and advanced green building practices.
Industry observers have described the development as remarkable for its scale, mixed-use design and emphasis on eco-friendly living.
The entire structure is being built to eco-conscious standards, incorporating green technologies, smart home systems and sustainable construction methods to minimise environmental impact while maximising comfort, energy efficiency and modern luxury.
TEHC has appointed a team of highly experienced technical experts for the project through a rigorous selection process. ITB Nigeria Ltd, with a proven record of successful developments, is leading the technical team as the EPC contractor.
FCMB, acting as sole financier for Phase 1, is providing $40 million for the residential development. Piling has been completed, and construction is set to progress in phases over the next 36 months. This marks the bank’s first major international infrastructure partnership with a housing cooperative.
The initiative reflects FCMB’s strategy to expand investment in mixed-use real estate projects that address housing shortages, support free zone enterprises and strengthen urban economies.
Yemisi Edun, Managing Director and CEO of FCMB, said: “This partnership with TotalEnergies Housing Cooperative Multipurpose Society Ltd represents our commitment to financing projects that contribute to Nigeria’s urban development.
“The Louisville Mixed-Use Development supports integrated living and the creation of live-work-play environments that meet global standards in facilities and hospitality.
“This collaboration reflects FCMB’s strategic focus on real estate as a driver of job creation and community development.”
Oluwakemi Balogun, Chief Commercial Officer of TEHC, said: “This partnership signifies a bold step in international collaboration for urban renewal. We are proud to work with FCMB to realise the first phase of Africa’s premier urban ecosystem.”
Ramzi Chidiac, Managing Director of ITB Ltd, added: “Louisville will redefine developments within Eko Atlantic, Lagos and Nigeria as a whole.”