The construction of Zero-2-One Tower, which is expected to be Cape Town’s tallest building, is hoped to commence at last within the next few months. The project has been making headlines since as far back as 2016, when the plans for the skyscraper were first unveiled by developers FWJK.
It is estimated that the project will cost R1.3-billion. Zero-2-One will be built on the corners of Adderley and Strand streets in Cape Town.
The building will be 44 storeys tall and will comprise 570 apartments, with 7 000 square metres of retail shops on the ground and station concourse levels.
Several delays have stopped the project from commencing previously including approval processes from the City of Cape Town and a stipulation that all new developments must include affordable housing.
Many assumed the project had been cancelled as a result of a lack of funding.
“The procurement of project funding has faced headwinds and has had to be secured through foreign direct investment,” FWJK CEO David Williams-Jones said to BusinessTech. “Raising property development finance of R1-billion to undertake the project through conventional SA banking sources has proved impossible due to the current state of the economy and cautious bank appetite at the present time to lend on projects of this scale.”
The project is now pending approval from the Reserve Bank and if this is secured, the project will commence.
“Once the SA Reserve Bank approval of the foreign funding has been processed, we are targeting to commence construction works on site within the next three to four months, bringing with it the added benefit of 3,000 new on and off-site jobs being created,” Williams-Jones said.