Lusaka Mayor Miles Sampa has disclosed that a 13 years lease agreement for Kabwata Market Car Park has been approved.
The land is earmarked for development into a public Car Park for Kabwata Retail Centre.
In January, 2020, Time Projects Property applied to LCC to consider leasing to the company part of Kabwata Market Land for the development of a public car park.
The proposed piece of land measures 55m along Burma Road and 35m into the market affecting a total number of 93 traders.
Mr Sampa said the facility is earmarked for re-development under the Develop-Finance-Build -Operate.
Mr. Sampa says the lease agreement which will also be developed under the Transfer Public Private Partnership model and will only be executed once the market traders have been compensated.
Mr Sampa said the developer Times Square Projects will be written a Letter of Consent to compensate the traders as per agreed amounts which were done in liaison with the Kabwata Market Management Committee.
He said LCC made the decision at its 4th Ordinary Meeting held on 24th March this year and the resolutions have been communicated to Times Square Projects awaiting its response.
Mr Sampa said while the Council supports the modern developments taking place at Kabwata market, the interest of market traders is also at the heart of the local authority.
He says the Council has since written to the Ministry of Local Government and is awaiting for their formal green light to proceed with the offer letter and Lease agreement.