A R1.2 billion Golden Acre redevelopment project will convert the landmark site into around 415 affordable rental homes aimed at young professionals who commute into the CBD, reports Cape {town} Etc.
The project follows the sale of the complex last year and a period of detailed planning; the property changed hands for roughly R781 million, a transaction cleared with conditions by regulators. Construction on the residential component is under way and developers say the first tenants should be able to move in on a phased basis from 1 December.
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Mayor Geordin Hill-Lewis called the investment ‘a significant investment in Cape Town’s inner city’ and said projects like this bring people closer to work and improve public spaces.
Developers add the scheme will not simply add homes but also revive retail, enhance pedestrian routes and tighten commuter safety around the main taxi and rail interchange.
For commuters who currently spend large shares of their income and time on travel, living in the CBD promises shorter journeys and more predictable days. Neighbourgood will manage the residential offering and says it aims to keep rental levels accessible while creating supportive shared spaces for residents.
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Also read:
Update: Plans unveiled to turn Golden Acre into affordable housing
Picture: Mayor Geordin Hill-Lewis / Facebook
