‘Rainbow town gulped N82bn in 5 years’

Ucheya who spoke at a media briefing to unveil the new Rainbow Town said the first phase of the project is approaching substantial completion in some of the three distinct residential building types and scheduled for completion in the third quarter of 2015. He said the new Rainbow Town was conceived with a variety of […]

Ucheya who spoke at a media briefing to unveil the new Rainbow Town said the first phase of the project is approaching substantial completion in some of the three distinct residential building types and scheduled for completion in the third quarter of 2015.
He said the new Rainbow Town was conceived with a variety of 1,181 tastefully designed residential units creatively distributed as terraces, detached homes and 25 high rise condominium towers.
“Rainbow Town, Port Harcourt, Nigeria’s flagship urban renewal project and the largest active mixed-use construction site in sub-Saharan Africa, is an ambitious project and the largest active blighted, infrastructure-challenged community, through a bold land-use and visionary design lifestyle program.
“This  avant-garde development comprises residential, recreational, business, educational, healthcare and retail facilities with support utilities and infrastructures.”
Rainbow Town development was registered as a special purpose vehicle in February 208, following a memorandum of understanding between Rivers State government and a bank, with a mandate to drive and manage the attainment of the underlying economic and urban development objectives of this noble public private partnership.
The landmark Rainbow Town has many uniquely defining attributes, and an appealing synergy of public policy, urban renewal, housing and economic development.
The original township was constructed in 1964 by the former Eastern Nigeria Housing Corporation.
It went through several use transformations including, for a sustained period of time, serving as a military barracks. This was followed by a protracted development lull, progressive degeneration of completed community assets and the advent of associated social vices.
It became a drain on the public treasury and a regional citation for urban decay and poverty.
In 2000, acting under the land use law, the Rivers State Government reclaimed Rainbow Town for beneficial re-use.