Speaking at a sod-turning ceremony, Adler said the first phase of the
project a multicultural, mixed-income residential development comprising an
estimated 650 homes , would be completed in just under two years.
Adler said the last high-rise residential building built in the city was
Ponte, near Berea.
He said the company would be developing four buildings of between eight and
12 storeys high, interspersed with low-rise buildings.
The project will be on vacant land at the foot of the new Nelson Mandela
Bridge.
The Brickfields development has been heralded as a key component of the
Newtown Urban Design Framework , which forms part of Johannesburg's
regeneration plan.
The development is aimed at providing quality rental accommodation and
services that are affordable for the low- and moderate-income market.
Brickfields is being funded by a public-private partnership.
Gauteng government provided 30% of the initial capital on an equity basis
and that was followed by an additional R70m from other stakeholders,
including private sector stakeholders Anglo American and Absa, the National
Housing Finance Corporation and the Gauteng Partnership Fund.
Adler said that one of the company's future plans was to look at
refurbishing residential buildings in Hillbrow.
Premier Mbhazima Shilowa said the inner city had the best infrastructure in
Johannesburg .
He also called for other institutions, including the retail sector, to join
in the rejuvenation of the city.
Absa group executive director Steve Booysen called on business, government
and non governmental organisations to develop an action plan to make
Johannesburg a "world city".