This morning I had the pleasure of attending a sod-turning ceremony to mark the commencement of the redevelopment of the iconic Jewel City by the Divercity Urban Property Fund.
I was particularly thrilled to be there because Divercity’s R2 billion investment into the reimagining of the 30-storey ABSA Towers Main building and Jewel City will add much-needed and affordable residential spaces, which will help create a more inclusive, vibrant and diverse inner-city.
I have mentioned this on numerous occasions already, but the Johannesburg inner-city holds great potential. Its revitalisation will not only lead to safer and affordable accommodation for our people, but it will also boost its local economy by creating work.
The area will be transformed into a vibrant hub with thousands of affordably-priced residential rental apartments, several cafes and restaurants, retailers, child care facilities, a public park, and integrated public transport facilities.
With the ABSA Tower and Jewel City projects, as well as the R400 million of residential accommodation under development in Maboneng, Divercity alone will deliver 2 500 apartments in total.
Added to this, City Council approved the release of 84 buildings also earmarked for the regeneration of the inner-city – the development of these buildings will take place through public private partnerships with developers within the city.
These 84 buildings will deliver an estimated 4 000 units for student accommodation, small business premises and even more affordable accommodation for some of our poorest residents.
I’m certain this hive of excitement and gradual inner-city transformation will also help lure back investors. This administration continues to work with the private sector to come up with solutions to creating employment opportunities and safe and livable spaces.
Cllr Herman Mashaba
Executive Mayor
City of Johannesburg
For media queries:
Luyanda Mfeka
Director: Mayoral Communications
Office of the Executive Mayor
Cell: 076 171 5978
Email: luyandam@joburg.org.za
