The DA welcomes the Divercity Urban Property Fund’s investment of R2 billion into Johannesburg as part of its strategy of creating thriving mixed-use inner-city precincts. This investment, will focus on the redevelopment of the iconic ABSA Towers Main building and Jewel City.
The inner-city precinct development project, which combines commercial buildings with affordable residential space to create inclusive and diverse neighbourhoods will commence in early 2019, with 20 floors dedicated to residential accommodation and recreation being launched in various phases, including 520 affordably priced residential rental apartments, child care facilities and a public park to name a few.
Besides creating an inclusive new world-class ‘live, work, play’ environment, the project is also designed to enhance the inner city as a whole and as part of a wider neighbourhood development initiative, a pedestrian-friendly walkway with street furniture, lighting and art will be created from the ABSA Towers Main building all the way to Maboneng. This unique urban intervention prioritizes pedestrians and people of the local community above vehicular traffic.
For the City, this investment indicates renewed confidence by investors’ in the potential held by Johannesburg.
Since coming into government Mayor Herman Mashaba has maintained that the revitalising of the inner city by turning it into a construction site of redevelopment is the key component to aid job creation within the Johannesburg local economy and through strategic public and private partnerships, also creating affordable quality housing for residents.
By working together with all sectors of society, we can progressively transform the inner city of Johannesburg into a space where residents can live work and play.
It won’t happen overnight but the DA is working hard to bring change to the people of Johannesburg. Through clean governance, the DA is committed to bringing about change that builds One South Africa for all.