Radar | Oct 24,2020
A local family business is turning a quarter-century-old building in the capital, the Zerihun Building, into a multi-purpose complex by investing 800 million Br in a complete demolition and reconstruction project.
Located on Haile Gebre Selassie Avenue, the five-storey building that lies on a 2,400Sqm plot was constructed for 6.5 million Br 24 years ago and has served as a home to a cafe, supermarket, photography studio and various offices.
Z Plc, the owner of the building, is demolishing the building to construct a 19-storey structure that will house a mall, 120 apartment units and a commercial 7,500Sqm space designated for offices.
Before deciding to demolish the old building, the management of the company considered three other options, according to Anbesaw Zerihun, general manager of Z Plc.
Renovating the old building, constructing an additional building near it or demolishing the current one and building a new one were the options, according to Anbesaw.
In picking the last option, the company hired Pomerium Progettazioni, an Italian architectural firm, and local firm Falcon to design the new building, whose first four floors are designed to serve as a mall. The building will have two towers: a 17-storey tower dedicated to apartment units and a 19-storey tower that will accommodate offices.
Demolishing the building began two months ago with only the ground floor now left for removal. The building's owners gave tenants six months to vacate the building.
"We plan to lay the foundations before the end of this year and begin construction next year," said Anbesaw.
Expected to take three years to complete, the construction will be carried out by a sister company owned by Z Plc. The company has already secured a building permit from the city's Integrated Infrastructure & Construction Permit & Control Authority, according to Anbesaw.
The family chose to keep the legacy of their father as well as considering economic reasons in making the investment at the current location, according to Ambesaw.
“We want to preserve our father's name and legacy," he said. “In addition, the location is very important as the area is growing fast. “
Z Plc was founded in 1995 by Zerihun Lakew, a prominent business figure, and his family. The family also runs Great Abyssinia, a fast moving consumer goods company with brands like Abyssinia Coffee, Abyssinia Bottled Water and Prigat Juice; Noah Real Estate; Yekatit Paper Converting and Cool Manufacturing.
Million Lakew, a business and investment consultant for the past 25 years, believes the demolition of Zerihun to set up a new complex is a smart decision.
The building is located at a prime location with good business activity, according to Million. But he argues that the business units are more ideal than the residential units.
"As land is becoming a scarce resource in the capital, demolishing old buildings to make way for new buildings should be practised widely," said Million.
PUBLISHED ON
Apr 06,2019 [ VOL
19 , NO
988]
Radar | Oct 24,2020
Editorial | May 06,2023
Editorial | Jan 01,2022
Fineline |
Fortune News | Feb 23,2019
Fortune News | Aug 29,2020
Fortune News | Jan 05,2020
Commentaries | Mar 14,2020
Radar | Nov 21,2020
Radar | Jun 01,2019
Dec 24 , 2022
Biniam Mikru heads the department of cabinet affairs under Mayor Adanech Abiebie. But...
Jul 2 , 2022 . By RUTH TAYE
On a rainy afternoon last week, a coffee processing facility in the capital's Akaki-Qality District was abuzz with activ...
Nov 27 , 2021
Against my will, I have witnessed the most terrible defeat of reason and the most sa...
Nov 13 , 2021
Plans and reality do not always gel. They rarely do in a fast-moving world. Every act...
Dec 9 , 2023
Making a paradigm shift seems elusive for those in the driving seat of Ethiopia's mon...
Dec 2 , 2023
The symphony of traffic noise in Addis Abeba is not just a sign of life, but a siren...
Nov 25 , 2023
Ethiopia's quest to develop a functioning capital market is a demanding yet not unach...
Nov 18 , 2023
Prime Minister Abiy Ahmed (PhD) has made a fervent call for landlocked Ethiopia to ga...
Loading your updates...