Real Estate Investor Magazine South Africa Real Estate Investor Magazine - June 2017 | Page 45

excellent working models and a highly functional bylaw, by which city improvement districts (also known as special rating areas) are allowed to operate, has also been a reason for the success of the CCID. In turn, this has enabled the establishment of close to 40 CIDs in total throughout the metropole today. “This is a second strong reason for the success of the CCID and that speaks to good governance,” says Kane. “CIDs in Cape Town are run as highly functional units, strictly overseen in terms of the bylaw, and are very much regarded as important partners by the City in terms of its mandate to its citizens.” A third reason was the legacy left by the 2010 FIFA World Cup. Kane elaborates: “Because ours was a World Cup held very much in and around our downtown area, with the Cape Town Stadium having been built in neighbouring Green Point, people came through the CBD to attend the matches and enjoy the ambience of the event. What struck us was not only how many visitors experienced the CBD during that time, but how many Capetonians there were ones who had not set foot in the downtown area for many years. Because of the turnaround, we had already experienced business confidence, plus the infrastructure the City developed to facilitate the World Cup (such as the MyCiTi bus rapid transit network), suddenly many locals realised the CBD was once again a great place to be and still had a great deal of potential. So, what the World Cup afforded us was exposure for what we had achieved to date in the Central City.” The fourth major component to creating resilience comes back to the purpose of The State of the Cape Town Central City Report, and the data that it tracks year on year. Notes Koblitz: “What we have established is a document of record that is produced year on year, not on hearsay of what we think is going on in the CBD but on factual evidence of the investment values that have been made into the Central City. Truth be told, when we compiled this year’s report and ourselves realised that a value of, conservatively, around R16.232 billion has been committed to the CBD since 2012, spanning between that year and 2019, even we were slightly taken aback. But then, when you realise that just over R8bn of this has been in commercial development, nearly R2bn in public infrastructure and just over R6bn in hotels and residential development, there is a robust spread across various economic categories, and we believe this also bodes well for the future of the Cape Town Central City.” RESOURCES Cape Town Central City Improvement District www.reimag.co.za INVESTOR OF THE YEAR AWARD ENTER & WIN R50 000 Do you think you have what it takes to be the 2017 Real Estate Investor of the year? Do you have a property story to tell? Have you managed to creatively secure a property and maximise your investment? It could be an incredible experience, goal achievement, monetary return, reward, obstacles you overcame, something that you learnt or something that impacted you and people around you. Impress our expert panel of judges with the number, value and types of properties in your portfolio. Go to www.reimag.co.za to download your entry. Submit your application to [email protected] by 16 October and stand a chance to win* • R50, 000 in cash • An all expenses paid trip for two to Mauritius • Plus other prizes and gifts • PR exposure across REIM/SAPIN social media platforms • A feature article in Real Estate Investor Magazine *T&Cs Apply 2 nd ANNUAL INVESTOR OF THE YEAR AWARD 2017