Meru County Looking for Sh1.6 Billion to Build an 18-Storey Tower
Meru County Investment and Development Corporation (MCIDC) is seeking to raise Sh1.6 billion to build an 18 storey multi-use commercial building in the town.
The building, dubbed Meru Rising Tower, is projected to cost Sh2.5 billion if financed with 30 per cent debt.
The building, which will sit on a one-acre plot ainAngaine Estate, will comprise three floors for retail services, 15 floors of office space and a mezzanine floor for meeting rooms, each with a capacity of up to 250 people.
The corporation also intends to facilitate the establishment of a boutique hotel and apartments near the building to serve tenants and visitors.
Speaking during a local investors' forum in Meru recently, MCIDC Managing Director Joel Imitira said the corporation intends to rope in individuals and corporates to raise money for the project.
"Already, the county government has allocated Sh200 million to the corporation for the project. It is also in the process of transferring the title deed of the land to the corporation.
"The corporation has a memorandum of understanding with County Pension Fund which is interested in investing after the feasibility study showed the project is viable," Mr Imitira said.