tax rebates for urban upgrades and aimed to support
the CBD’s expansion eastwards. This played a key
role in kick-starting the first wave of large-scale
commercial developments in 2007. Also, as the face
of the area slowly changed and became ‘trendy’, with
buildings like The Old Biscuit Mill and restaurants
attracting younger and trendier crowds, Woodstock
became a sought - after area.
Who are these new residents?
They are mostly young, white educated professionals
who are searching for a convenient place to live, close
to town but in a more affordable area. And with the
whole of South Africa battling crime, they are not
worried about the crime rate in the area. Many of
the old Victorian houses in Upper Woodstock have
been renovated and have given the street view in
Woodstock a much - needed makeover. Lower
Woodstock still remains the ugly duckling in the
Woodstock family, as the divide between the two
areas is evident.
Is it all good?
Rising property values are often too readily assumed
to benefit local homeowners, while in fact they have
put severe strain on old-established residents, who
have had to cope with rising municipal rates due
to property re-evaluation. According to the AntiEviction Campaign, some families have not been
able to afford the escalating rates, leading to their
eviction and removal.
And the outcome?
While the gentrif ication effect has its negative
qualities, the revival of Woodstock outweighs the
negative attributes. An area once slipping into decay,
with rising crime and buildings in disrepair can only
benefit from the process of urban renewal and the
renovation and restoration that it brings.
Johannesburg
Johannesburg has put substantial resources into
www.reimag.co.za
turning around the central business district (CBD),
a victim in the 1990s of capital flight to the northern
suburbs. Crime rates are down thanks to intensive
policing; occupancy rates are up, thanks to a
combination of quality properties and low rents;
investment is increasing as confidence improves;
and cleanliness has returned, thanks to an intensive
campaign from Pikitup, the City’s waste collection
utility. The Gauteng government, the biggest tenant
in the inner city with 120 000m², has major plans
to develop the area around Market Square into a
government precinct.
Demographics
The inner city has 217 000 residents in 37 000
dwelling units. Some 800 000 commuters enter
the city every day, and 300 000 - 400 000 migrant
shoppers visit the city each year. The city has 7 million
m² of floor space and 3 million m² of office space. The
office buildings represent a R19 billion investment,
and the housing a R1.2 billion capital investment.
The plan
The government in Johannesburg has put substantial
resources in the CBD to encourage an attractive
environment, which will attract both residents
and business. And with the government driving
the urban renewal, more investors have bought
buildings in the CBD with an eye to refurbishment
and reselling.
Along with private investors the government
attempted to meet the needs of the city, namely
economic rejuvenation. Their strategy for urban
renewal include projects which look at uplifting not
just the area but the actual residents.
Urban renewal offers investors the chance to get in
at the ground level of an area, and be a part of the
renewal process, which can be very profitable as
property prices rise substantially, making the property
in the area more valuable.
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