Cape Town – Cape Town’s Executive Mayor Patricia de Lille has given final approval for the development of a R1bn, multi-use development in Cape Town’s CBD – between Riebeeck Square on Buitengracht and the historic Bo-Kaap neighbourhood.
The development is set to provide 4 000m² of retail space, lifestyle activities and 250 residential apartments. The building currently on the site houses a car dealership.
The developer of the property, Jose Rodrigues, told Fin24 it will target a Green Star rating by incorporating environmentally sensitive development and modern energy efficient technology. Construction could start in June or July this year. During the two-year construction phase he expects up to 500 direct and indirect jobs to be created.
Rodrigues emphasised the development will be fully aligned to the objectives of the City of Cape Town’s new spatial planning legislation and will help meet the residential demand of the CBD’s growing population. The City of Cape Town predicts Cape Town will require an additional 500 000 new residential units by 2032, which equates to nearly 32 000 new units per year.
“The green light from the City follows an extensive public participation process and I believe our team has achieved a fine balance in designing a building with harmonious aesthetics that is respectful of heritage and meets the demands of a growing, world class city,” said Rodrigues.