The Eko Atlantic township outside of Lagos, Nigeria is transforming the face of Africa as 140 million tons of sand is being reclaimed from the ocean to create a new mega city. Developer Gilbert Chagoury of the Chagoury Group is creating new land for planned jogging paths, yacht jetties and condominiums with helipads for 250,000 Nigerians, a community expected to delivery by the year 2015. The Group declined to say how much Eko Atlantic will cost, other to say it will be "in the billions" of dollars.
According to a Wall Street Journal report, flush with funding from French banks that are enticed by Africa's rapid growth, the 67-year-old Mr. Chagoury is aiming to cap his career with the most colossal real-estate project in West Africa. "This is going to be the equivalent of Champs Élysées in Paris or Fifth Avenue in New York," says David Frame, managing director of South EnergX, a construction unit of Chagoury Group.
As well as luxury apartments and a forest of corporate headquarters, Eko (the original name for Lagos, in Yoruba) will feature luxuries that most of Lagos currently lacks, such as uninterrupted power, clean drinking water and fibre-optic connections. "It's enormous," project director David Frame says.
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