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. Bring your brand to the forefront. Sponsorship opportunities now available. Contact us at: [email protected] [phone] SA Real Estate Investor Magazine MARCH 2018 47