The Balogun/Idumota market has robbed marina of the ambience it would have loved to have, most HQ around that axis are old businesses despite the cost high cost of rent. Most cooperate businesses would rather just face VI or Lekki cause of the status.

Aconomist:

Taipei 101 cost $1.8 billion (first picture). The world's tallest building is Burj Khalifa, which cost $1.5 billion to build (second picture).

WTC Abuja is not even 1/10th as tall as these buildings. So why should it cost half the price?

government inflation, poor planning, corruption. I found out that 15 storey privately built civic towers in Lagos cost 4 billion naira. So cheap.

What is playing out in that place called marina is likely a cost-benefit issue.

So the burning down government buildings formation that we saw this year has been happening since the 80s

Aconomist:
Marina district used to be the heart of Lagos, and still hosts the city's most iconic towers. However, there is a stunning lack of investment in Marina compared to other areas such as Lekki, Ikeja, and Eko Atlantic. In fact, many of the iconic buildings are laying abandoned with no attempt at renovation or rehabilitation.

Marina is strategically located in between near the mainland and near many of the banking headquarters, so why is this distinct being so heavily neglected by property developers who haven't build any skyscraper here since the late 80s?

It is abandoned because of traffic and markets and area boys. While there is traffic everywhere in VI and Lagos, but if you get stuck on Lagos Island, particularly Broad street on the market side it can be frustrating. Also the human traffic, filth etc doesn’t make the environment look nice for many corporate head offices that want a posh environment. It’s only the companies with huge investment in Head Office building like UBA, Wema Bank, Union Bank and FIrst Bank that remain there.

Unfortunately any attempt to redevelop Lagos Ilsand will fail because of the many ancestral homes there. They will not sell and besides even if you were able to get like 5hectares, corporates will still not buy it because there will still be slums, markets and area boys near you. Except the ENTIRE Lagos Island is taken over and redeveloped.

Aconomist:
Abandoned buildings in Marina:

LASACO Assurance building, Financial Trust House, Nicon House, Conoil House, Energy Global Tower, Afribank Plaza, UAC building, Unity Trust, Nigerian Post Office and so on.


But we have a housing shortage are we too stupid to convert these structures into housing? What is wrong with Nigerians.

Add Defence Headquarters to that list.

I also remember Marina from way back and yes it use to be great.However ,what Marina is experiencing is not unique to Lagos. It has happened in New York and also in London.
Marina was the edge of the colonial world and that was why development was predominantly in that axis.
Lagos was a really small place pre independence and Marina was the central business district and that was mainly because of the activities at the ports which were located at Marina for passengers and across the lagoon at Apapa for cargo.

As trendier neighborhoods sprung up in the residential space,so did the trend move from Marina to other parts of Lagos.
Manufacturing companies moved to Ogba,Ilupeju,Oregun while banks and stock broking firms stayed in Marina.The move into Victoria Island didn't start till the 90s as it was predominantly residential.
However there is a term called urban renaissance,and just like everywhere else,Marina will become trendy again,but not just yet.
It will take serious growth in the economy and a lack of space for a rapidly expanding middle class for Marina to breathe again.

Aconomist:
Why didn't these factors stop Dubai's skyline from growing?

most of it are empty

RedPanthar:



Honestly, banana island has become too accessible and the more economically empowered the elites of any society becomes, the more they begin to run towards the next thing.


This psyche in itself is ultimately why Africa becomes a laughing stock.


Lagos ought to have independent blueprints for Lekki/Stretching towards igbobo Ikorodu with excellent ferry transport systems

Plan for Lekki and the likes. By the way Lekki was originally earmarked as a farming no residential location mind you


Separate one for Eko Atlantic. Separate one for Marina


If any engineer with good sense of engineering takes this up, any individual should be able to create series of Municipals blueprint and system and had over to the government


Thanks for the thread. I may take it up for my own state sha since I had something of this sort on my mind for my state

Your analysis on this thread is topnotch and brilliant ..

You deserve a follow ..

RedPanthar:



Honestly, banana island has become too accessible and the more economically empowered the elites of any society becomes, the more they begin to run towards the next thing.


This psyche in itself is ultimately why Africa becomes a laughing stock.


Lagos ought to have independent blueprints for Lekki/Stretching towards igbobo Ikorodu with excellent ferry transport systems

Plan for Lekki and the likes. By the way Lekki was originally earmarked as a farming no residential location mind you


Separate one for Eko Atlantic. Separate one for Marina


If any engineer with good sense of engineering takes this up, any individual should be able to create series of Municipals blueprint and system and had over to the government


Thanks for the thread. I may take it up for my own state sha since I had something of this sort on my mind for my state

I need to follow you....I will need your expertise.

chuksjuve:


Your analysis on this thread is topnotch and brilliant ..

You deserve a follow ..

There's an updated thread

Bizibi:
I need to follow you....I will need your expertise.

Thank you


Visit this thread


https://www.nairaland.com/6294516/why-igbos-refuse-go-into

Visit this thread


https://www.nairaland.com/6294516/why-igbos-refuse-go-into

onegig:
1. It is simple security or lives and businesses.

I dare anyone of you to walk around Marina past 7pm. I can't even drive on Broad street in the evening for fear of been attacked. A colleague's car windows was smashed with stones on that street and there are numerous tales of robbery on the Apongbon axis during rush hour traffic or early mornings. Regular gang fights happen on a steady basis.

It's proximity to Isale Eko and the littany of touts, thugs, shanties, slums and rowdy markets around the area makes it very hard to justify investment by blue chip companies. If UBA, First Bank or even Sterling would have their ways they would gladly relocate to VI or Ikoyi in an instant.

I walk and drive around VI at 12am or 1am . I dare not do that in Marina.

Investment thrives in areas of relative peace.

2. Accessibility of the roads.

Road networks are literally blocked around with all manner of wears by petty traders and rickety buses.

Try getting round Marina and come tell your story. Parking in Marina is one of the hardest things you can attempt. From touts extorting you in unauthorized parking spots to inefficient and unavailable car parks.


I wouldn't want to setup a meeting and select Marina ever for a client. So why would you as a developer want to build new structures there?

Perfectly said

Marina is now jam-packed with petty traders and the road is too narrow ...

Traders everywhere and slums around idumota as well can't make marina be world-class any more

EXOUSIAng:
Its a long time I went through a thread on NL with so many intelligent and mature minds.

That's because the mods didn't push it to front page too early for others to soil it with their nonsense talks.

A lot of good threads are hidden in other sections.

Aconomist:

https://www.youtube.com/watch?v=FVvVG_hm4XI

If you go to 3:27, it will move you to tears. Nigeria hasn't changed in over 40 years. Same president. And Marina looks exactly the same as when my dad was my age! In fact, they were even planning to build a light rail in the late 80s and it is still not complete.

Ask Tinubu. The landlord of eko

It is caused by the steady decline of the Nigerian economic outlook over time.

When economies shrink people usually find ways to downsize and cut costs, closing businesses and moving away to cheaper digs. If we had successive solid rebounds after economic recessions then new businesses requiring new property will always spur a renewal.

Unfortunately this is not the case in Nigeria. We never seem to rebound to previous levels of wealth after national economic woes so it has been one lomg tale of dis-investment. It is the economy and the Marina/Broad street has been the poster boy for 'Economy Nigeria' just as Manhattan is in New York or Canary Wharf in London.

What you see of Marina is the real state of Nigeria. Its best days are behind. Its peak was in the 70's and late 80"s. Everything since then has been artificial, escapist, smoke and mirrors.

Aconomist:

Taipei 101 cost $1.8 billion (first picture). The world's tallest building is Burj Khalifa, which cost $1.5 billion to build (second picture).

WTC Abuja is not even 1/10th as tall as these buildings. So why should it cost half the price?

I doubt he knows what $1billion dollars building looks like, how can he say 24 storey building in Abuja cost that.

Aconomist:
Yea, I've been eagerly awaiting when Dangote builds his headquarters (he has the cash to build something truly spectacular). Total ENP is also planning a building called "La Definition" in Eko Atlantic to house its employees. Facebook is planning its HQ in Ikoyi I think, but it hasn't been announced yet. Folorunsho's Famfa oil is also building in Ikoyi.

Some of the indigenous oil companies such as Amni Oil have decided to go to Eko Atlantic instead of Marina. Here is the prototype of their tower. It is right next to Alpha 1. Construction expected to start in 2021.

What month in 2021.
I think that building is over 40 flrs

okeyglm:

world trade center Abuja is 24 storeys. it cost $1 billion to build.

You don't know what you are talking about Mr.

Revolva:



Perfectly said

Marina is now jam-packed with petty traders and the road is too narrow ...

Traders everywhere and slums around idumota as well can't make marina be world-class any more

That is caused by disuse. Signs of dereliction and abandonment. When you live your house unoccupied for a while the bugs and rodents take over. If the place was chock-a-block with blue chip companies, the government will have no option than to 'fumigate' the entire place and won't mind wholesale evacuation of downtown 'Isale Eko'.

LASG looks at the place today and cannot see what it brings in to require social maintenance.

Aconomist:
Eko Atlantic truly is a masterpiece. Take a look at the progress so far. It's actually progressed further than what is shown in the video. Azuri is complete (except for cladding) work has started on A & A and La Definition. And they now conduct boat tours in the canal. God bless Chagoury Group for bringing this to lagos.


https://www.youtube.com/watch?v=RvuuVxmsbW0

Also check Eko village towers that comprises of 8 clustered towers. I heard construction is to start next year. Same thing with corporate tower 1.
I read article that said most of this project is being delayed by covid-19. Cost of shipping down material, inflation and all that.

okeyglm:

world trade center Abuja is 24 storeys. it cost $1 billion to build.

No U are wrong
It's the entire 7 tower that is meant to cost $1,nm of which 2 has been built already.

Nawa oo. God have mercy on Nigeria.

Nairalandian:
If only the whole of Nigeria can look like what I'm seeing above

What's that?

Vlain:


No U are wrong
It's the entire 7 tower that is meant to cost $1,nm of which 2 has been built already.

oga, Google cost of building Abuja world trade center

NdigboWorldwide:

You don't know what you are talking about Mr.

Google is free Mr know it.

sageprime:
Op, I recently heard of a scheme Eko eye condo. It is to be built in marina Lagos and it is to have 52 floors when completed.

I don't know if it is already approved but there is very little information about on the web.

It's been approved but construction has not commenced.
It has been shifted next year cos of f covid19. Plus there is also a plan to resuscitate marina. I hope it's followed judiciously.

okeyglm:

oga, Google cost of building Abuja world trade center

Dude I am aware. All se en towers are expected to cost $1bn of which two has been built already out of that seven. It remains 5 more.
The already built towers don't cost $1bn. Say Wetin happen. Shey na Burj Khalifa we dey build.

50 storeys chart



At 50 stories you’re building a tower. Towers typically have small footprints. Let’s assume 8–10 units per floor at a factor of 750SF per unit (the factor includes circulation space - this would be a rental). We’ll use 10 units - so 7,500 SF / floor.

We’ll be conservative and assume a deep foundation system (piles). Let’s assume roughly 10,000 SF of excavation PLUS the piles - I would say about $4.5 million to get you out of the ground.

Cost per SF on a tower is a bit higher than standard construction - especially in concrete. It’s a lot of vertical formwork and we’ll assume this is a concrete building (residential in NYC is almost always concrete). We’ll go with $500/ft.

7,500 SF x 50 flrs x $500/SF = $187,500,000.

PLUS your foundation costs = $192,000,000.

Non-Construction Costs (General Conditions at 1%, Insurance at 4%, Profit at 5%) at 10% = $19,200,000.

PLUS your land acquisition costs which for a 50 story tower puts you in prime real estate. Let’s be conservative and assume $1000 / buildable foot.

7,500 SF x 50 flrs x $1000/SF = $375,000,000.

Then let’s pull in some softcosts. Let’s assume $7/ft for architecture and interiors; $2/ft for structural engineering; $1/ft for MEP engineering; $1/ft for misc disciplines/consultants (LV, telecomm, vertical transportation, expediting, code consultant) = $11/ft or $4,125,000.

Grand total of hard & soft costs = $590,325,000.

Add to that financing costs - let’s assumr 10% down and 4% to finance….$21,250,000…Let’s round this up and estimate your grand total at about $615 million.

The above did not explore legal fees, departmental costs, discretionary action, etc…add that and the number goes up. It takes a few bucks to build a tower.



To construct 50 storeys

7,500 SF x 50 flrs x $500/SF = $187,500,000.


To construct lesser, say 30 storeys, we simply


7500 x 30 first x $500/SF =. $115M 43 Billion Naira

Aconomist:

Taipei 101 cost $1.8 billion (first picture). The world's tallest building is Burj Khalifa, which cost $1.5 billion to build (second picture).

WTC Abuja is not even 1/10th as tall as these buildings. So why should it cost half the price?

The average price per floor for Chicago is about $6.2 million; for Shanghai it’s about $3.7 million per floor. For New York, on average, it costs about $15 million per floor. Or in other words, for a cost of $20 million per floor (on average), you can get a 65-story skyscraper in New York, They are a lot thing that drives cost

Aconomist:
It's senseless. With how high rents are in Lagos, why wouldn't someone just renovate the building and make some nice apartments that could easily rent for $2,000 to $6,000 a month? We like to blame government for everything, but reality Nigerians aren't thinking. We are just stangant people. If not for the lebanese, I doubt lagos would look much different from Ibadan in terms of a skyline.

Can you pay $5,000 a month ($60,000 per annum) for a residential apartment and be wading through and struggling with traffic, noise, area boys, traders, etc?

With that sum, you would get something far better elsewhere in terms of tranquility, beauty and security.