{"id":799942,"date":"2024-11-15T14:00:00","date_gmt":"2024-11-15T12:00:00","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=799942"},"modified":"2024-11-19T19:30:36","modified_gmt":"2024-11-19T17:30:36","slug":"new-r1-2-billion-development-coming-to-cape-town","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/business\/799942\/new-r1-2-billion-development-coming-to-cape-town\/","title":{"rendered":"New R1.2 billion development coming to Cape Town"},"content":{"rendered":"\n

A new R1.2 billion mixed-use development is set to launch in Cape Town following a successful lease auction of prime land.<\/p>\n\n\n\n

The site for the development next to the Cape Town International Convention Centre (CTICC), and will include lifestyle, retail, and office space, as well as a hotel.<\/p>\n\n\n\n

The winning bid offer came from Afrirent Holdings, an investment company with interest in logistics, energy, leisure and gaming. In October, the group acquired a majority stake in High Street Auctions, which hosted the auction.<\/p>\n\n\n\n

Ahead of the auction, the city stated that it anticipated R1 billion worth of investment going into the site, which carries a 99-year lease agreement for a 25,000 square metre development block in the city\u2019s Foreshore district.<\/p>\n\n\n\n

“The auction is a key part of the Economic Growth Directorate\u2019s strategy to leverage City-owned land in ways that stimulate private sector investment, create jobs, and foster long-term growth,” said James Vos, Mayoral Committee Member for Economic Growth.<\/p>\n\n\n\n

“It\u2019s a project I believe will invigorate our economy, draw in visitors, and contribute significantly to Cape Town\u2019s role as a leading global destination for both business and tourism.”<\/p>\n\n\n\n

The city said that the project will boost the local economy, create jobs in construction and hospitality, boost tourism, and secure future revenue.<\/p>\n\n\n\n

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The property, on portions of Erf 270 and Erf 192 Roggebaai, is zoned for General Business and Transport, supporting the city\u2019s vision for a multi-purpose hub in the CBD.<\/p>\n\n\n\n

Following Mayoral Committee approval this week, City Council will now be asked to give final approval to the granting of a potential 99-year lease term to the successful bidder, worth approximately R1.6 million per month for public coffers, which can in turn be reinvested in services and infrastructure across the metro.<\/p>\n\n\n\n

“Through this project, we\u2019re paving the way for sustainable, long-term growth that keeps Cape Town competitive on the global stage. This project is part of our larger goal to expand Cape Town\u2019s economy and strengthen its tourism appeal.<\/p>\n\n\n\n

“I\u2019m confident that this development will become a landmark addition to our CBD and complement the CTICC\u2019s operations. We expect the development to attract local and international visitors, creating vibrant spaces, and bolstering our economy,” Vos said.<\/p>\n\n\n\n

Planning for the project will now begin, pending final approval by council in December.<\/p>\n\n\n\n

\n\n\n\n

Read: A lucky few are owed R257 million in South Africa \u2013 check if you\u2019re one of them<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Cape Town has successfully auctioned off a piece of prime property, which will now be turned into a R1.2 billion mixed-use development.<\/p>\n","protected":false},"author":10,"featured_media":626716,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9872],"tags":[26],"class_list":["post-799942","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-headline"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/799942","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=799942"}],"version-history":[{"count":2,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/799942\/revisions"}],"predecessor-version":[{"id":800514,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/799942\/revisions\/800514"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/626716"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=799942"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=799942"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=799942"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}