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eThekwini gears up for the Durban Eye Project
The R450 million Durban Eye project has been defended by Ethekwini Municipality, which claims it would be part of the municipality's economic infrastructure, attracting visitors, stimulating economic growth, and creating employment. During the week of the city's Travel Indaba, it was revealed that a multimillion-rand project would be erected in Durban. The city already boasts a number of tourist attractions, including uShaka Marine World, which is owned by the city.
Residents in Durban have criticised the proposal since it was announced, calling it a vanity project. The Durban Eye project, on the other hand, is a private venture, with the municipality just donating land for the project's construction. It entails constructing and installing a massive Ferris wheel on Vetch's Beach in the Point Waterfront zone, which will run along the northern breakwaters.
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Development of the Durban Eye Project
The R450 million Durban Eye developer has been chosen, and construction is set to begin in July. Once finished, this project will provide tourists with a breathtaking 360-degree panoramic perspective of the city. Msawakhe Mayisela, a municipality spokeswoman, said that this was a city initiative in terms of making the site accessible to the now pre-qualified bidder, who will invest in the facility's design, development, construction, operation, and management at no cost to the municipality. According to the city, the northern breakwater was chosen to be the most suitable and appealing backdrop for the proposed investment following months of site investigation and appraisal.
The Durban Eye project, according to Mayisela, would produce cash for the city through rents, with annual inflation-linked escalations over the projected 30-year term, after which the municipality would acquire the asset and any building modifications.
Mayisela said the city had received two unsolicited inquiries, one from an overseas business and the other from a local consortium with foreign partners, about the leasing of council-owned land obtained between 2018 and 2020.
