Projects could help revive Jo'burg CBD

Posted On Monday, 01 July 2002 10:01 Published by eProp Commercial Property News
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Two projects launched this month could put the Johannesburg CBD back in business

Santie BothaTwo development projects launched this month could put the Johannesburg central business district (CBD) on its way to recovery.

A R17,1m project providing residential accommodation for rental, called Elangeni, was launched by the Johannesburg Housing Company, JP Morgan and Absa Bank.

Situated at the corner of Troye and Albert Streets behind Absa's offices in the CBD, Elangeni provides 168 units, with rents ranging between R800 and R1500 a month.

The other development a music centre in Newtown was opened by the Johannesburg Development Agency and Blue IQ.

The projects could mark the turning of the tide and a flow of investment back into the city centre, which lost many businesses to the suburbs, and particularly Sandton, in the 1980s and 1990s.

The Elangeni project is the first bank-funded residential development in about 20 years, and could signal a return of support by financial institutions for city centre projects. Absa Group executive director Santie Botha said at the launch that the bank would get involved in other CBD projects.

The Johannesburg Housing Company is working on an ambitious plan for a R210m residential development called Brickfields, on a site between the new Bree Street taxi rank and the Market Theatre.

JP Morgan, which provided the guarantee that enticed Absa into the Elangeni project, will provide financial advice to help make Brickfields a reality. CEO John Coulter said it was company policy to reinvest in places where it did business.

Gauteng premier Mbhazima Shilowa said partnership with the private sector was essential to ensure the success of projects such as Elangeni. The importance of publicprivate partnerships was also stressed by other speakers at the launch, among them Reserve Bank deputy governor Gill Marcus.

The music centre forms part of a multimillion rand regeneration project for the Newtown precinct, intended to reflect the rich cultural history of the area.

To be staffed by Midi Trust, the centre will complement the Market Theatre and other artistic activities in Newtown.

Blue IQ CEO Pradeep Maharaj said the plan was to turn Newtown into a place where people can 'live, work and play'.

 

Last modified on Monday, 19 May 2014 11:03

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