Amdec Group, a privately-owned property development and investment business, aims to build an R8 billion mixed use development project in the heart of Cape Town.
Harbour Arch development will be modeled on its existing project in North Johannesburg – Melrose Arch.
According to James Wilson, CEO of the Amdec Group, the new development will take approximately a decade to complete and will involve an investment of approximately R8 billion.
On completion, the 5.8 hectare Harbour Arch will be contained in its own precinct, much like Melrose Arch, and will be home to seven individual tower blocks with a total of 200,000 square metres of usable space – making it the first and largest mixed-use development of its kind in the Cape Town CBD.
The precinct will include landscaped public spaces, residential apartments, gyms, hotels, shops, offices and restaurants, Amdec said.
“And within Harbour Arch’s vibrant pedestrian-friendly precinct you will find all your daily needs – restaurants, cocktail bars, shopping, hotels, banking, medical services, health clubs, entertainment and so much more.”
The group said that it aims to create a feeling of luxury, and upon completion, it believes that Harbour Arch will ad R10 billion of real estate to the Cape Town CBD.
Phase 1 of the residential aspect of the project has already kicked off. A Studio apartment will start at R1 925 000, while a 3 bed apartment will start at R6 812 500.
Marriott and Amdec announced a partnership late last year whereby the hotel chain will use two blocks in the precinct for two new Marriott hotels.