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US Embassy Buys 50,000 sqm From Eko Atlantic City At $1.5m

Eko Atlantic City is not a common place for plots but a haven for the super-rich and corporate bigwigs.

The Nation checks revealed that current land prices in this exclusive enclave are now U$1,800 per square meter for inner city plots while plots located along the road and waterfront are significantly higher at US$2,500 per square meter and US$3,000 per square meter respectively.

The latest entry into the exclusive enclave is the United States of America Embassy in Lagos that acquired 50,000 square meters from the Developer, Messrs South Energyx Nigeria Limited.

At the signing ceremony on Tuesday, the U.S Consul General F. John Bray said Eko Atlantic City was selected for its world-class infrastructure and other important features.
He said the purchase is a 200 year lease which demonstrates their belief in Nigeria and her people and a signal of a long time commitment.

Though he declined to give the asking price but a rough calculation of 50,000 square meters at $3,000.00 comes to about $1.5 million.

He said their commitment demonstrates that they believe in the economic development of the nation and Lagos in particular. Asked the type of structure the embassy is planning to erect, Bray responded that it will depend on what their architects will come up with.

He said: “We will write to our home government which will be followed with the architects coming in to look at our processes and what we do.

“After that initial process they will come up with what will suit our operations. Our current building in Walter Carrington is no longer suitable for our operation that is the major reason we are making this bold move.

“We want to serve anybody with reason to come to us in a conducive atmosphere that suit the moment”.

Chairman, Eko Atlantic City, Mr. Ronald Chagoury who was elated at the turn up of events, said the city has been hosting big clients.

Asked if the U.S Embassy is their biggest client he said no, stating they have bigger clients.

He however, maintained that part of the reason the embassy bought into the dream is as a result of the confidence they have in the totality of the project.

On when the city will be completed, he responded that currently they are reclaiming and building infrastructure which will take up to 5 years.

He cited an example with Victoria Island which started developing in 1967 and is still developing.

It will be recalled that Eko Atlantic City is under Public-Private-Partnership (PPP) initiative between the Lagos State Government and a private concern Messrs South Energyx Nigeria Limited, developers and city planners.

The concept of the city is that it will spread across 7 districts, comprising commercial, residential, financial and tourism developments.

Modeled after the skyscraper District of Manhattan Island in New York City, it is expected that the new city will be home to no fewer than 250,000 residents, with commuter volume expected to exceed 150,000 people daily.

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