A new retail and office development worth R1bn is to be developed at Melrose Arch in Johannesburg.
The development, called The Piazza, will consist of a 28,000m? ground-level retail precinct called Melrose Shopping and 30,000m? of office space on top of the retail offering.
The development, which is to be developed by the Melrose Arch Development Company, will be adding much-needed retail space to the mixed-use node.
"We are creating a retail energy at Melrose Arch. Good restaurant retail exists but not traditional shopping retail, and that is the gap we are filling at Melrose Arch," says Nicholas Stopforth, a director of the Melrose Arch Development Company.
The new shopping precinct takes "inspiration from the squares of Italy and traditional shopping streets like Regent Street in London", says Stopforth.
He says the retail component of the development will include traditional high street shopping in an open-air development.
"It won't be an enclosed mall."
The Melrose development will offer a combination of retail anchor tenants such as Woolworths, Truworths and all 14 Foschini brands.
These traditional anchor tenants have signed heads of agreement with the Melrose Arch Development Company.
The company is in the process of letting out the line shops.
"We are going to differentiate ourselves on the line shop offerings," says Stopforth. "We are looking at international fashion brands."
He says there will also be more restaurants around The Piazza.
"The essence of The Piazza is it creates a second energy node for Melrose Arch. We have the existing energy node around JB's Corner, Moyos and The Meat Co.
"The idea is to create a second energy node, which is The Piazza, and the retail happens in between."
Stopforth says the architecture of Melrose Arch Shopping will continue the existing Melrose Arch "contemporary African" expression, characterised by the use of natural materials.
Earthworks for the development are already under way and will be completed in December, with construction beginning early next year. The opening is scheduled for September 2008.
Business Day
Publisher: I-Net Bridge
Source: I-Net Bridge
