ABSA Towers Main and Jewel City to be redeveloped and linked to Maboneng.
Divercity Urban Property Fund is investing R2bn in Johannesburg as part of its strategy to create thriving mixed-use inner-city precincts. This investment, the largest in the Johannesburg CBD for some years, is focused on the redevelopment of the iconic ABSA Towers Main building and Jewel City.
Executive Mayor, Cllr Herman Mashaba attended the official sod-turning on the 16 November to celebrate the redevelopment.
“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.”
Newly launched Divercity is an investment fund backed by the experience of some of South Africa’s leading property investors and developers. It 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.
Following a competitive bidding process, Divercity acquired the 30-storey ABSA Towers Main building from ABSA, conditional on approvals from the Competition Commission.
The currently unoccupied building will be redeveloped into a one-of-a-kind mixed-use building for South Africa, including 520 affordably priced residential rental apartments, a floor of coffee shops, restaurants and recreation, ground floor convenience retail, child care facilities, a public park, integrated public transport facilities and a wealth of public art.
ABSA will also be leasing back nine floors with 10,000sqm of office space in the redeveloped building. Once completed, the development will be valued at over R400m.
“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.”
Check out some of the pics below of what the redevelopment isa planned to look like:
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