ETB40 billion slated for Piassa-Mexico-Sarbet-Gotera-Wollo Sefer corridor development project
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.
“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.
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