Real Estate Investor Magazine South Africa Real Estate Investor Magazine March 2018 | Page 49

3 200 market-related residential units and at least 450 af-
fordable residential units, will be built on podiums. These
podiums will also provide partial support to the new free-
way fly-overs.
According to the plans, the bulk of the affordable res-
idential units will be located beneath the highway, along
with parking, shops, and community facilities.
The proposal also puts forward plans to build ten more
residential buildings hosting affordable units, on the
Northern edge closest to the harbour. These will be located
under or between the existing freeways between DF Malan
and Christiaan Barnard.
The way forward
According to the City’s Mayoral Committee Member for
Transport and Urban Development, Councillor Brett Her-
ron, the development will be the first time in a democratic
South Africa that development on prime land will cater for
all income groups in Cape Town CBD. “Once developed,
the precinct will reshape how we live, move, interact, and
work in this area. It will also have a significant impact on
how we enter and exit the CBD,” he says.
If the project is approved through the necessary process-
es, construction is expected to start in 2020. It is projected
to take ten years to complete.
The build costs to the core development - including
the new highway infrastructure - is projected to be R8,3
billion. It is expected that the development will be large-
ly self-funding. According to MDA’s proposal, the plan is
to finance or cross-subsidise the new roads and affordable
residential units through the development of upmarket and
mid-market r esidential units.
Back in 2016, the City announced the need for a via-
ble solution to Cape Town’s traffic congestion, lack of af-
fordable housing, and lacking access to the CBD. It was
with these guidelines that MDA’s proposal was ultimate-
ly selected. More recently, however, the issue of resources
(specifically the oft-discussed water) has been thrust into
the spotlight.
In response to this, the proposed development is ecologi-
cally sensitive. It will address the impact of the development
on the environment with several water, energy and lighting
design solutions. Features will include grey water recycling,
rainwater harvesting, and water treatment systems. Addi-
tionally, the development includes measures to mitigate
the impact of high winds and noise. Developers have also
explained that the height of the towers have been planned
in such a way as to preserve Table Mountain’s prominence
upon entering the city.
Cape Town’s skyline is set to change in the coming
years, with FWJK announcing several ambitious
projects:
Zero-2-One is set to be the tallest building in Cape
Town. Proposed to be built on the corner of Adder-
ley and Strand Streets, the tower block will climb
42 storeys. The development is set to consist of 860
apartments, of which 312 will be affordable - at
least in Cape Town terms - with starting prices set
at around R800 000.
16 on Bree, a 35 storey retail and residential devel-
opment is set to be built between Bree, Prestoch
and Mechau streets. Consisting of 350 apartments,
construction. is expected to be completed by the
end of 2019.
The Vogue will be a 31 storey development, con-
sisting of residential apartments and ground floor
shops. Apartments will range from studio, one bed,
two bed, and three bed units, along with top-floor
penthouse apartments. The skyscraper will be
situated on the block bounded by Buitengracht,
Prestwich, Mechau and Bree streets. Construction
is expected to commence this year, with comple-
tion set for 2020.
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SA Real Estate Investor Magazine MARCH 2018
47