R1.2bn mixed-use development planned for Foreshore tower site
18-11-2024
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Property Wheel
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A new mixed-used R1.2 billion development has been earmarked for the municipality-owned prime property next to the CTICC following the City’s public lease auction in late April 2024.
The development will include lifestyle, retail, and office space as well as a hotel with Afrirent Holdings the winning bid offer.
The property, on portions of Erf 270 and Erf 192 Roggebaai, is zoned for General Business and Transport.
Following recent Mayoral Committee approval, the City’s next step is to give its final approval to the granting of the 99-year lease term to the successful bidder (not named) which is worth approximately R1.57 million per month, to be reinvested in services and infrastructure across the metro, it says.
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