Newly launched Divercity Urban Property Fund, an investment fund backed by the experience of some of South Africa’s leading property investors and developers, is set to renew and re-energise the country’s urban centres with its unique focus on inner-city precinct development that combines commercial buildings with affordable residential space to create inclusive and diverse neighbourhoods.
The fund has invested R2 billion in Joburg as part of its strategy to create thriving mixed-use inner-city precincts. This investment, the largest in the Johannesburg CBD for some years, will be focused on the redevelopment of the iconic Absa Towers main building and Jewel City.
“I am delighted that the Divercity Urban Property Fund has heeded my invitations to property developers, funders, professionals and the construction industry to work with the City to redevelop the various precincts of the City,” said City of Johannesburg Executive Mayor Herman Mashaba.
Mashaba said the investment was an indication of investors’ renewed confidence in the potential held within Joburg’s inner city.
“By working together with all sectors of society, we can progressively transform the inner city into a space where residents can live work and play,” Mashaba said.
The 30-storey Absa Towers main building will be redeveloped into a one-of-a-kind mixed-use building, including 520 affordably priced residential rental apartments, a floor of coffee shops, restaurants and recreation space, child-care facilities, a public park, integrated public transport facilities and a wealth of public art.
As part of a wider neighbourhood development initiative, a pedestrian-friendly walkway with street furniture, lighting and art will be created from Absa Towers main all the way to Maboneng.
Through Divercity, Jewel City will reopen to the public as a vibrant mixed-use precinct with a fully pedestrianised streetscape – the rejuvenated Jewel City will include an abundance of amenities such as a school, clinic, gym, parking and convenience retail as well as fast food and restaurants.
“I am delighted that efforts of this administration, working together with the private sector if finally bearing fruit for the people of our City,” Mashaba said.