R2bn city project under way
THE chaos in the inner city has to come to an end.
So said Joburg mayor Herman Mashaba at a sod-turning event of a new construction site in the eastern Joburg CBD at Jewel City.
Divercity Urban Property Fund has pledged R2 billion in a mixeduse investment along the six blocks which were formerly the heart of the gold and diamond industries.
The 30-storey Absa Towers building is also to be refurbished as part of the precinct development.
With 300 000 people in the city needing affordable housing, this new precinct would help to create a more inclusive, vibrant and diverse innercity, Mashaba said.
“We will always encounter challenges and demands, but we are determined to turn the city’s economy around. No economy can be built around chaos – this is not a political matter. Joburg’s inner city holds great potential. Its revitalisation will not only lead to safer and affordable accommodation for our people, but it will also boost its local economy by creating work,” he added.
The area will be transformed into affordably priced residential rental apartments, cafés and restaurants, retailers, childcare facilities, a public park, and integrated public transport facilities.
With this project, as well as the R400m of residential accommodation under development in Maboneng, Divercity alone will deliver 2 500 apartments in total.
Added to this, the council has approved the release of 84 buildings also earmarked for the regeneration of the inner city. The development of these buildings will take place through public/private partnerships with developers within the city, which will deliver an estimated 4 000 units for student accommodation, small business premises and even more affordable accommodation for some of our poorest residents.
“I’m certain this hive of excitement and gradual inner-city transformation will also help lure back investors.”
The mayor said he would personally make sure that all plans submitted for the inner-city projects would be fast-tracked to avoid delays.