CoJ Receives R20bn Investment
Through the release of City properties to the private sector for redevelopment, the City expects to realise R20 billion in expected investment value, which will soon be visible in the inner-city with 24 developments set to start within six months. This is in addition to the three developments already underway in Hillbrow and Newtown, said Mashaba in a statement.
This is indeed the biggest number of properties awarded simultaneously in the City’s history and also the largest number of mixed-use private sector developments focusing on residential and student accommodation being facilitated by the City at once.
The developments come as a result of the prospectus of 71 properties that were released to the private sector in 2017 as part of the Inner City Revitalisation Programme, which were in addition to the 13 properties council released initially. Council’s approval of the latest batch of 70 properties in February brought the total number of properties released to the private sector for mixed-use development to 154 since the programme was launched in October 2017.
For the City, “this is just the start of the change we are bringing to the City, with more even more buildings and developments set to take place in the future”.
The developments also represent renewed investor confidence in the potential held within the inner city.
These developments are predominantly mixed-use, with emphasis on affordable residential units, affordable student accommodation and affordable retail spaces for SMMEs. However, some developments will deliver solely residential or student accommodation.
In total, this first group of developments is also expected to yield 10096 jobs opportunities within the City and up approximately 6500 housing units costing between R900 per month, per unit excluding utilities, to R4500 per month.
Though plans are still in the approval phase, it is expected that of 1500 of these will comprise of student beds.
The properties are in Johannesburg Central, Yeoville, Berea, Vrededorp, Fairview, Salisbury, Marshalltown, Wolhuter, Turffontein and City and Suburban. With these developments set to commence soon, 27 developments will be under construction at the same time in the inner city.
It is clear, therefore, that turning the inner city into a construction site is certainly no longer only a dream, but a thrilling reality.
Through the City’s Inclusionary Housing Framework, which makes provision for new developments to include at least 30% affordable housing, residents of Johannesburg can now also live where they choose across Johannesburg with better access to jobs and opportunities.