Cape Town: A new mixed-use development, that values approx. R1.2 billion is all set to drive further economic growth in CBD of Cape Town following the successful public lease auction by the City of Cape Town of a prime site next to the Cape Town International Convention Centre (CTICC).
It is a landmark development that will include lifestyle, retail and office space, as well as a hotel with Afrirent Holdings submitting the winning bid offer.
Member of the Mayoral Committee for Economic Growth – Alderman James Vos said that the auction is a key part of the strategy by Economic Growth Directorate, to leverage a city owned land in ways that stimulate private sector investment, create jobs and foster long-term growth.
Vos believes that it is a project that will invigorate the economy, draw in visitors and will contribute significantly towards Cape Town’s role as a leading global destination for both business and tourism.
He mentioned that by maximising public assets, they are creating jobs in construction and hospitality. They are boosting tourism and securing revenue that ultimately benefits all Capetonians.
It is a major step in realising the potential of the under-utilised properties, that is a top priority of the team. After a long period of careful preparation, packaging and promotion together with the Property Transactions team. “We are proud to see this vision come to fruition,” added James Vos.
Considerably, the property, on portions of Erf 270 and Erf 192 Roggebaai is zoned for General Business and Transport that supports the vision of the City of Cape Town for a multi-purpose hub in the CBD.
Furthermore, the Mayoral Committee has approved that the City Council will now ask to give the final approval to the granting of a potential 99-year lease term to the successful bidder, which is worth of approx. R1.57 million per month for public coffers, that can in turn be reinvested in services and infrastructure across the metro.
Considering the Advancements of Tourism and Economic Growth in Cape Town, Alderman James Vos said that through this project, they are paving the way for sustainable, long-term growth that keeps Cape Town competitive on the global stage.
The project is a part of the larger goal to expand the economy of Cape Town and strengthen its tourism appeal. Vos said that he is confident that this development will become a landmark addition to the CBD and will complement the CTICC’s operations.
“We expect that the development to attract local and international visitors, create vibrant spaces and bolster the economy,” expressed Alderman Vos.
He added that the planning for the pending final approval, by the Council, will begin for the transformative project at the heart of the business district. He said that they are looking forward to seeing the vision come to life to witness the positive impact that it will have on the city and its people.