By Odwa Bafana Mkentane
Speaking to VOC News, to give more information regarding a new report by the Cape Town Central City Improvement District (CCID) which shows property development in the CBD exceeded R12.8 billion during the year under review, The Central City Improvement District (CCID) board chair, Rob Kane says The growth of the CBD is also being supported by the redevelopment of older buildings, including heritage properties, with a balance being sought between preserving historic character and enabling new investment.
“I think one of the biggest things with that 12.8 billion is we now see investors from offshore and even Gauteng developers. And I mean, you know, Cape Town developers hate competition, but we have certainly got it now, and I think it’s a good thing for the whole of Cape Town. But you know, it used to just be Cape Town developers. Now there are people from all over the place, international hotels coming in, and you know, the phenomenal employers. Both in the construction phase and then when the hotel is running, they employ a lot of people. But then I am sure you’re aware there’s been quite a debate over the years as to whether this sort of boom in residential is getting unaffordable for the general man in the street or the person in the street,” said Kane.
Kane says the city has set aside a large parking lot for affordable housing. A site in Upper Bree Street, which is about 900 units, and the Founders Gardens, which is a 2 billion rand development.
“I am really happy to say that both the city and Western Cape government are really pulling out all stops. And I don’t know if you know, but the city has set aside a large parking lot for affordable housing, and then they’re both in the planning stage. A site in Upper Bree Street, I think that’s about 900 units. And then Founders Gardens, that’s a 2 billion rand development. And all three of them are set aside for affordable housing,” he said
