Cape Town’s inner city is undergoing a dramatic transformation, with the R1.3 billion City Park development standing as the latest beacon of change, Cape {town} Etc reports.
Set to include the first Mama Shelter hotel in Africa, this mixed-use project represents a burgeoning trend that is reshaping the city’s skyline and urban experience.
Being constructed by Ingenuity Property Investments and Kasada Capital Management, City Park signals a shift towards multifunctional spaces in urban precincts, combining residential, retail, hospitality, and co-working elements under one roof.
The project is a striking advancement from the former Christiaan Barnard Memorial Hospital, showcasing a visionary embrace of modern urban planning.
‘Mixed-use no longer just means having a few different functions in a building, In Cape Town today, it means a true integration of residential, commercial, and retail uses in a single development or precinct,’ states Grant Elliott, Chief Operating Officer of Thibault Investments and Deputy Chairperson of the Cape Town Central City Improvement District (CCID).
Elliott’s sentiment echoes widely in the developing landscape of the Cape Town CBD, where construction is bustling and the demand for varied real estate options grows steadily.
He points to the successful R500-million conversion of One Thibault, which transitioned from a largely vacant office tower to a thriving mixed-use hub. With the right diversification strategy, Elliott contends, developers can mitigate risks associated with market fluctuations.
‘The property industry is very cyclical with a mixed-use asset, you protect yourself from market fluctuations, if office demand drops, your residential, hospitality or retail components can still perform and vice versa,‘ he explains
One Thibault’s success story is not an isolated case. The CCID’s State of Cape Town Central City Report 2023, reveals that seven mixed-use developments valued at R1.75 billion are currently in the CBD’s development pipeline.
Among these, One Thibault and The Barracks, a converted 18th-century heritage structure, exemplify the shift towards integrated spaces that respond to the evolving needs of city dwellers.
The Barracks, which cost R150 million and offers over 60 varied apartments as well as wellness and commercial spaces, champions the idea of building a resilient community. Its co-owner, Casey Augoustides, highlights the importance of tenancies that function symbiotically, encouraging a robust, thriving environment even in trying times.
‘We collaborate and communicate with the owners and tenants of surrounding properties to continue to strengthen our precinct. We are very grateful for the support and guidance we have received from the CCID and City of Cape Town over the years,’ Augoustides notes.
Looking ahead into 2024, the skyline will further evolve with the completion of The Rubik — a R600 million, 27-storey glass-fronted skyscraper that promises innovative living and working solutions, including over 5 000 m² of commercial space and pet-friendly residential units.
Further development activity is underway, including the eagerly anticipated Mama Shelter Africa, a lifestyle hospitality brand. This ambitious project will offer 127 guestrooms, 68 branded residences, meeting spaces, a rooftop restaurant and an entertainment zone, all designed to create a vibrant urban lifestyle.
Additionally, Spindle, an elegant 60-metre tower inspired by Cape Town’s silk-spinning history, is scheduled for completion in 2025.
Located strategically at the corner of Plein and Spin streets, it reaffirms the commitment to adding modern, multifunctional assets to the urban landscape.
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Picture: CCID
