Improvement project yields results
Enhancement efforts have stabilising influence and boost value of Green Point properties
THE BENEFITS of Green Point’s City Improvement District (GPCID) have extended well into its property market, proving to be a stabilising influence during the past few years.
The rates-funded initiative has been in operation for over a decade and has period invested more than R3 billion in redevelopment opportunities.
“It’s one of the most successful urban improvement initiatives in the country and it’s done a huge amount for the local market,” says Brendan Miller, Atlantic seaboard area principal for Lew Geffen Sotheby’s International Realty.
The area used to be plagued by crime, prostitution and drug dealing
‘Green Point is one of the most successful urban improvement initiatives and has
LOOKING GOOD: View over Green Point, where the city improvement district has boosted property values.