Lideta District starts, this week, to give out land to investors in the recently demolished neighbourhood of Kebele 07/14 along Chad Street in front Lideta Church; five plots will be given in the first round including one that had been promised in 2004.
A total of 26ht have been cleared in the district according to the local development plan (LDP) starting January 2010. This land is to be apportioned to the winning bidders after the land arrangement has been completed, Anteneh Enchalew, general manager of the district, told Fortune.
The current allocation will be followed by more land leased over the next 15 days, according to Anteneh.
More than 2,600 residential units, shops, cafes, and restaurants, the vast majority of them in kebele owned buildings, were demolished to prepare the 26ht.
Awash International Bank and Dashen Bank will get 2,800sqm and 2,696sqm, respectively, while Zefran Plc and Dure Abbas Mohammed Plc will get 987sqm and 149sqm of land, respectively. The fifth one is an investor, whom Anteneh declined to disclose, who had been promised land for the construction of a four-star hotel. This person leased 2,333sqm through negotiation.
"The winners of the plots are already instructed to work 24 hour days to get the projects finalised soon," Anteneh told Fortune. "This project is expected to be a model for future urban development plans in the city, so there will be serious follow-up."
These five investors are expected to finalise the construction within two years, according to him.
All buildings at this site, to be constructed by these and other investors, are yet to be given land and will be at least four storeys high.
The vacant area will also be handling the construction of 2,300 condominiums, which are to be built at a cost of more than 200 million Br. These condos will be used for the resettlement of the residents whose houses were demolished. Some of these residents could get loans from Addis Credit and Savings SC to help them pay for the condos, according to Anteneh.
A total of 88 million Br has also been given to more than 300 private house owners as compensation, although some residents were not happy with the compensation given to them.
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