SPECIAL FEATURE
Upbeat about downtown Property companies are investing in mixed-use precincts.
The Johannesburg CBD is becoming more pedestrian-friendly.
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bsa Tower Main, one of Johannesburg’s biggest and most easily identifiable buildings, is undergoing a revamp as one of several ambitious inner-city rejuvenation projects. Some are purely private in nature, others involve collaboration between developers, NGOs and the City of Johannesburg and its agencies. A thorough revamp of the Absa building anchors a larger urban revival project that a pedestrian-friendly connection along Fox Street between the Absa campus and the Mabobeng area. To be known as Jewel City, the redevelopment covers six city blocks, five of which have existing commercial buildings on them. The five commercial buildings will be revamped, and a new residential building will be erected, creating a mixed-use precinct with 20 000m² of commercial lettable space, 4 800m² of retail space and 1 000 residential units. GAUTENG BUSINESS 2019/20
The partnership created to deliver this project is called the Divercity Urban Property Fund and comprises Atterbury and iThemba Property. The aim is for iThemba to create a further 1 800 housing units within a 2km walking distance of the core of Jewel City, thus creating the kind of density that makes for the easier delivery of services, a bigger market for goods and services, and an allday buzz that purely commercial or retail precincts can’t provide. Absa Towers Main itself will receive a major upgrade in the course of its conversion to a mixeduse building. Within its 30 storeys, there will be restaurants and coffee shops, childcare facilities and 520 flats in the “affordable” bracket. The space around the building will be transformed into a public park with public art works prominent and links to public transport available. The total value of the investment by Divercity is said to be R2-billion. Another conscious effort to spark urban revival received support in the way of R2.1-million from
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