Government eyes collecting ETB99 billion from lease on this corridor
Government anticipates a new corridor development project designed to start from Piassa and snake through Mexico, Pushkin Square, Kera, Gotera and ending at Wollo Sefer; to cost ETB40.34 billion. The government also planned to return more than double of the investment cost within five years.
The project touches five sub-cities crossing through Arada, Lideta, Kirkos, Nifasilk-Lafto, and Bole, with 10.4 kilometer total distance.
Out of the 460 hectare land the project covers, 114 hectare is earmarked as intervention area and developable lands.
By redeveloping and leasing this 114 hectare land, government expects generating ETB99 billion. Half of this expected revenue covers the investment cost. The lease price is calculated based on ETB70,000 per square meter.
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“Based on the feasibility study, the project returns its cost with in 5 year of period,” states the documents obtained by The Reporter.
Apart from the profits generation, annual income tax of ETB5.4 billion is also expected from commercial, retail and office businesses to operate in the area. In addition, an annual income tax of ETB356 million is also calculated from residents to be housed in the project area.
Attracting more investments to the city center, creating tens of thousands of permanent and temporary job opportunities, elevating the image of the city, and strengthening the diplomatic role of the city are also mentioned as non-quantified feasibilities and benefits of the project.
This corridor development line, stretching from Piassa to Wollo Sefer, is the second one next to the one stretching from Piassa through Aratkilo to Salitemiret, which is already begun.
In the project stretching from Piassa to Wollo Sefer, dozens of big projects are already designed.
These projects include Relocation housing by PPP approach, streetscape, Landscape and BRT, underground parking, commerce compound landscape, high rise commercial and mixed use building parking and transport terminal, river-side development and landscape area, and relocating the permitted land to another place.
Street upgrading and new construction, bridge construction, terminal and car parking development, social housing development, working place development, landscape and recreation development, BRT development, BRT station construction, streetscape, water network and electricity network are also listed in the document.
Along this project, Onsite Relocation Interventions of 3,250 household and 14,183 population is anticipated, according to the document. For the relocation, 21 hectare of land is needed. “The relocation may take place by nearby areas of housing project,” states the document.
The concept of the project on the 114 hectare land, aims at realizing Improving Accessibility by proposing alternative streets and Bicycle line, Increment recreational area and green frame connectivity, Creating Multiple destination and characters in corridor, Proposal of face lifting areas (changing city image), Onsite Relocation of the existing residence that are found on the corridor which are around 3,250 household.
This project is divided into segments that include Piassa to Beherawi. In this segment, several projects are planned including turning ministry of defense located around Beherawi, will be turned to museum, civic culture center.
Under the Beherawi to Mexico segment, the fuel station at Mexico Square is proposed for public space and recreation. Areke Fabrica manufacturing and residential area will be turned into multimodal transport hub. Bank headquarters in the financial district will play role to support the greenery and public spaces in this area.
Under the Mexico to Sarbet segment, Buildings that are below G+4 will be demolished except heritage site or buildings.
Under this segment, it is largely earmarked for a diplomatic corridor and securitized access. The nearly 1.2 million square meter land in front of African Union headquarter, is proposed to house Africa Center, a new diplomatic enclave. It also will have Recreational Public Space, Café & shops, Museums, Libraries, Convention centers, Cultural exchange services for different AU members.
For the implementation strategy of this project, twenty stakeholder institutions are identified. Some of them include Prime Minister Mega project office, City Administration, and Finance ministry. Business community, NGOs and other institutions are also earmarked to have roles. But the city Plan & Development Commission is assigned for the follow-up, approval and implementation of the project.
The design and descriptions of proposals in each segment of the Piassa-Gotera-Wollo Sefer project, is crafted in a 318-paged document dubbed “comprehensive master plan for Addis Ababa’s urban corridor development project.” Another document, which deals with project background and trajectory, is crafted in a 111-paged document.
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