New flats, busi­nesses on the cards

12 new de­vel­op­ments worth more than R2bn for Cape Town city cen­tre

Weekend Argus (Saturday Edition) - - PROPERTY - SATUR­DAY

FIVE new ma­jor prop­erty de­vel­op­ments have gone into the plan­ning phase and an­other seven pro­pos­als have been ini­ti­ated in Cape Town’s CBD since the be­gin­ning of the year.

This is ac­cord­ing to the Cape Town Cen­tral City Im­prove­ment Dis­trict (CCID), which es­ti­mates the com­bined min­i­mum value of planned and pro­posed de­vel­op­ments for the Cen­tral City to be more than R2 bil­lion.

CCID com­mu­ni­ca­tions man­ager, Carola Koblitz, who ed­its the or­gan­i­sa­tion’s an­nual State of the Cape Town Cen­tral City Re­port, says the 12 new de­vel­op­ments have all been an­nounced since the CCID com­piled its last prop­erty in­vest­ment up­date at the end of last year.

Koblitz says: “We keep tabs as far as we can on all de­vel­op­ment un­der way or on the cards in the Cape Town CBD. The min­i­mum value of projects com­pleted dur­ing 2015 was R987 mil­lion, and that of projects cur­rently un­der con­struc­tion is R4.571bn.

“The min­i­mum value we can as­cribe to new projects in the plan­ning phase is R912m, and well in ex­cess of R1.1bn for de­vel­op­ments at the pro­posal stage. We say ‘min­i­mum value’ as we rely on in­for­ma­tion from those de­vel­op­ers who are pre­pared to pub­licly at­tach a value to de­vel­op­ment. Not all are will­ing to re­veal these fig­ures, so the even­tual in­vest­ment amounts will al­ways be higher.”

The five new de­vel­op­ments that have gone into plan­ning since the pub­li­ca­tion of the 2015 SCCR are:

● 4 Loop Street, a mixed-use build­ing up­grade that will in­clude a res­i­den­tial com­po­nent, by FWJK De­vel­op­ments on be­half of Berk Prop­erty Hold­ing. The es­ti­mated value is R20m.

● The Telkom Ex­change in lower Long Street on the Fore­shore that in­volves a mixed use build­ing up­grade by Telkom – the value to be con­firmed.

● The re­de­vel­op­ment of the Mike’s Sports site on the corner of Strand and Bree streets by Gera In­vest­ment Trust – value to be con­firmed.

● The up­grade of The Capeto­nian Ho­tel at Pier Place on Heeren­gracht by Raya Ho­tels, with an es­ti­mated value of R200m.

● Ur­ban on Bree, a res­i­den­tial ex­ten­sion in plan­ning for com­ple­tion in the last quar­ter of 2017 on be­half of Ur­ban On – value to be con­firmed.

The seven new de­vel­op­ment pro­pos­als on the draw­ing board since the pub­li­ca­tion of the 2015 State of Cape Town Cen­tral City re­port are:

● Zero2ONE on the corner of Ad­der­ley and Strand streets, which is a new mixed use de­vel­op­ment pro­posal by FWJK De­vel­op­ments and in­cludes park­ing, re­tail, ho­tel and res­i­den­tial com­po­nents. The value has still to be con­firmed.

● Mixed use up­grade and ex­ten­sion to Cape Town Sta­tion in Ad­der­ley Street due for com­ple­tion in mid-2019 with an es­ti­mated value of R1.1bn.

● Rogge­baai Cen­tre on Chris­ti­aan Barnard Street, a pro­posed new com­mer­cial build for In­ge­nu­ity – value to be con­firmed.

● Spin­dle, a mixed use re­de­vel­op­ment on the corner of Spin and Plein streets with com­mer­cial, re­tail and res­i­den­tial com­po­nents en­vis­aged – value to be con­firmed.

● The de­vel­op­ment of the Culem- borg Quar­ter, the block be­tween Nel­son Man­dela Boule­vard and Chris­ti­aan Barnard Street, into a mixed use de­vel­op­ment. This de­vel­op­ment is at artist’s im­pres­sion stage and the value to be con­firmed.

● The 28-storey 16 on Bree next to Port­side by FWJK De­vel­op­ments – value to be con­firmed.

● The 36- storey Goldies on Buiten­gracht, also next to Port­side, pro­posed by FWJK De­vel­op­ments – value to be con­firmed.

● Zero2One on the north­west corner of Strand and Ad­der­ley streets – across the road from Cape Town Sta­tion and Ad­der­ley Street’s MyCiTi sta­tion – is a pro­posed 42storey build­ing, which at 148m in height would be­come the tallest build­ing in Cape Town. It is set to have 624 flats, 760 park­ing bays and 6 000m² of re­tail space. A public ac­cess view­ing deck with 360 de­gree views of the CBD is also in­cluded in FWJK’s pro­posal. Two other FWJK projects in the CBD are the pro­posed re­de­vel­op­ment of 16 Bree Street be­tween Buiten­gracht and Bree Street next to Port­side into a 28storey mixed used de­vel­op­ment in­clud­ing a res­i­den­tial com­po­nent as well as Goldies on the same city block (but fac­ing Buiten­gracht) into a 36-storey mixed use build­ing.

CCID chair­man, Rob Kane, says one of the most thrilling as­pects for the or­gan­i­sa­tion is to see the spread of de­vel­op­ment oc­cur­ring across the CBD – from the nu­mer­ous new builds go­ing up in the Fore­shore area (which in­cludes the new Net­care Chris­ti­aan Barnard Memo­rial Hos­pi­tal) to the cur­rent re­fur­bish­ment of im­por­tant public build­ings such as schools, courts and mu­se­ums in the older part of the CBD.

“Ev­ery cent spent on im­prove­ment means in­creased foot­fall into the Cen­tral City, ever- in­creas­ing ameni­ties for all Capeto­ni­ans and vis­i­tors to en­joy, and ex­panded al­limpor­tant job and eco­nomic op­por­tu­ni­ties.

“In terms of de­vel­op­ing nodes, we have al­ready seen how the reestab­lish­ment of busi­nesses in the Bree Street cor­ri­dor is trans­form­ing this en­tire street, par­tic­u­larly to­wards its lower end closer to the har­bour.

“With new de­vel­op­ments in the Fore­shore area in­clud­ing the open­ing of fa­cil­i­ties such as the new Vir­gin Ac­tive gym, the on­go­ing up­grade of the Artscape com­plex, new of­fice com­plexes ris­ing and new re­tail of­fer­ings such as the Foodlovers Mar­ket, we have no doubt that other re­tail­ers and busi­nesses are al­ready look­ing to­wards this area and it will be trans­formed within the next year or two, par­tic­u­larly as the V&A Wa­ter­front de­vel­ops in this di­rec­tion.”

Kane says the CCID also ea­gerly awaits the City’s de­ter­mi­na­tion on the sub­mis­sions for the Fore­shore Free­way Precinct project, and hope that the out­comes will live up to the ex­pec­ta­tions be­ing placed on this area’s trans­for­ma­tion – par­tic­u­larly with the pos­si­bil­i­ties around the pro­vi­sion of af­ford­able hous­ing.

Aerial view of the Cape Town CBD, where more than R2bn worth of de­vel­op­ment is set to take place in the next few years.

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