Successful bidders to develop Inner City announced
Developers set to inject billions into Inner City development
On Monday, 29 April the Joburg Property Company (JPC) announced the 10 property developers who’ve won the 24 tenders to reconstruct CBD buildings at the Joburg Theatre in Braamfontein. The developers will construct student accommodation, mixed-use developments, and trading space for Micro to Medium Enterprises.
The construction is expected to boost the City’s drive to grow the local economy by at least 5 percent through private sector investment. The latest tender is set to create over 11 000 jobs in the construction phase.
The buildings they’ve won are owned by the City through a 50 year lease deal.
Executive Mayor Herman Mashaba believes the release of these properties to the private sector is critical to addressing the City’s socioeconomic needs, promoting integrated development and job creation.
Mayor Mashaba believes the construction phase will give impetus to the achievement of a cleaner and economically vibrant Johannesburg.
“This is a dream come true,” said Mayor Mashaba.
City Manager Ndivhoniswani Lukhwareni said the municipality was inundated with investors who want to plough money into the Inner City, with more than 150 proposals submitted to date.
Lukhwareni compared the release of Inner City buildings for tender to the discovery of the world’s largest diamond in Cullinan in 1905, saying both marked seminal moments in the country’s history.
On Monday, Mayor Mashaba presented commemorative plaques to winning bidders to acknowledge and embrace them for their commitment to rejuvenate the Inner City.
They have already received appointment letters and will soon begin construction work.
The JPC said a chunk of 74 buildings will be released to another set of private sector bidders by September. The entity has warned that if developers are not able to deliver within a specified timeframe, the tender will be cancelled and awarded to another developer.
Over 500 bad buildings have been identified in an audit of the Inner City and will be awarded to the private sector for redevelopment in smaller chunks. They’re part of efforts to revitalise the space in a bid to grow the economy, reduce the housing backlog and create much needed jobs.
The Johannesburg Inner City is a key infrastructure node, with historical heritage and plenty opportunities. It has already attracted over R10-billion rands in investment in the short-term and is expected to appeal for more in the near future. But the growth of the Inner City has, in the past, been marred by crime and grime, which is what Mayor Mashaba aims to reverse through this ambitious rejuvenation drive.”
The Joburg Property Company released more properties for developmet in April 2019. Find the list of properties on their website here; http://www.jhbproperty.co.za/index.php/tenders-and-rfqs/rfps