Raila Odinga family in Kshs 120 billion real-estate development in Kisumu City

Raila Odinga family has entered into a real-estate venture with GulfCap Real Estate to develop a Kshs 120 billion mixed-use complex in Kisumu. The LV Marina is a middle-income development that will take at least six years to complete. The first phase will cost Kshs 40 billion, and will be be developed on a 285-acre parcel of land owned by the Odinga family. Speaking during the ground-breaking ceremony in Kisumu on Saturday, January 18, Raila Odinga said the project is a significant step in advancing regional growth and improving living standards. He added that the housing project on the land was inspired by the collapse of the molasses plant. "LV Marina will bring world-class infrastructure to Kisumu and provide opportunities for all," he said. Kisumu Governor Anyang’ Nyong’o said that the development is expected to generate thousands of jobs during construction and operation, stimulate local businesses, and position Kisumu as a leading destination for tourism, trade, and investment. The inclusion of light industrial parks, recreational spaces, and fishing clubs will also create unique opportunities for regional and international partnerships. “The LV Marina project is a testament to what visionary leadership and strategic partnerships can achieve. This development will not only elevate Kisumu’s urban profile but also create jobs, boost local businesses, and position our county as a regional economic hub,” said Nyong’o Suleiman Shahbal, founder and chairman of GulfCap Real Estate, said the project has the potential of chaning the face of the lakeside city. About two years ago, GulfCap Real Estate entered into a partnership with KCB Bank to offer mortgages to clients seeking to purchase apartments at its Kshs 6 billion Buxton project in Mombasa.