Property developers Divercity will be redeveloping the iconic ABSA Towers Main, Jewel City and linked to Maboneng, at a cost of R2 billion to create a new urban precinct.
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.
The project will commence in early 2019, with ABSA expected to reoccupy the towers early in 2020. The 20 floors dedicated to residential accommodation and recreation will be launched in various phases.
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.
The long-closed Jewel City (acquired by Divercity ), situated between the ABSA Tower Main and Maboneng spanning six city blocks will reopen to the public as a vibrant mixed-use precinct with a fully pedestrianized streetscape and a total development value of over R1.2bn once fully completed. The project includes the redevelopment of existing buildings as well as the construction of over 40,000sqm of new buildings in the precinct.
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. It will also include 20,000sqm of commercial space, 1,200 new residential apartments in phase one and up to 1,000 in phase two. The pedestrian-friendly walkway between Absa Tower Main and Maboneng will past directly through it.
Work on the Jewel City project begins in November with the first phase of retail, commercial and residential space set to be ready by August 2019.
In the next 18 months alone, with its ABSA Towers Main and Jewel City projects as well as R400m of residential accommodation under development in Maboneng, Divercity will launch more than 75,000sqm of new residential space in Joburg – more than 2,500 apartments in total.
source and images atterbury.co.za