The old station will anchor a vast development project, also called La Gare, in the heart of the city comprising malls, offices, five-star hotels, more than 4,000 luxury apartments and a surrounding park, as well as, in theory, low-cost housing for the district’s current residents. Covering 36 hectares and with a price tag of $1.8bn, Eagle Hills’ project was the largest and most expensive of its kind in the country’s history when it was announced last year. It is now already about to be surpassed: by a Chinese company who is investing $3bn in a 37-hectare, upmarket complex in Addis Ababa’s Gotera district. And more projects are coming, with offcials citing potential interest from European, American and Turkish investors.
SOURCE: THE GUARDIAN