A mixed-use development, which includes affordable housing and commercial opportunities, may soon come to Green Point.
On Tuesday, the City’s Mayoral Committee gave the green light to embark on a public participation process to release the prime property for development.
The property is located at 1 Three Anchor Bay Road, where the library and Civic Hall are also situated.
The matter will now serve on the City Council’s agenda on 5 December for authorisation to commence public participation.
The property is well-connected to key destinations along the Atlantic Seaboard and Cape Town’s CBD, close to key landmarks such as the Sea Point Promenade, Cape Town Stadium and Urban Park, and the V&A Waterfront.
It is also conveniently located near public transport routes serviced by Bus Rapid Transit (BRT), recreational amenities, popular business and entertainment hubs, and significant tourist attractions.
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Mayor Geordin Hill-Lewis says a mixed-used development will help drive economic and socio-economic benefits while increasing affordable housing in the area.
The City further intends to retain existing community amenities such as the library service point and Civic Hall on the site, with the land release process set to identify parts of the site that may need to remain in public ownership to accommodate this.
“We are proud to kick-start the land release process for yet another well-located property to drive economic growth and inclusive development, including well-located affordable housing. This Green Point site represents some of the highest-value land in the southern hemisphere, with an estimated desktop market value of R680 million.
“This is a long-term development that will bring major economic and social benefits for Cape Town, making our city an even better place to live as part of our vision to build a City of hope for all.”
Besides the Sea Point Library and Civic Hall, other current uses of the property include privately operated sports grounds and clubhouses, public parking, an electrical substation, an ECD, and vacant undeveloped land that is used periodically as an informal market.
The City will consider the possible inclusion of the existing tenants where feasible.
There are four active leases in place on the site that will be considered based on the outcome of the planned specialist studies.
The City will be engaging the tenants in this regard. All existing use rights to the site are due to expire by September 2025.
A heritage impact assessment (HIA) will be required as part of the process, and a socio-economic and market demand analysis will be undertaken to inform a suitable mix of land uses and residential affordability options for the development.
The MMC for Economic Growth James Vos adds development rights will be offered to the market through an open and competitive process.
“The City is seeking to realise the full market value of the land and expects to raise significant revenue from the land sale, and future rates contributions from the development, for reinvestment in service delivery and infrastructure upgrades throughout the metro.
“Communication with the public is key, and we will provide ongoing updates to stakeholders and residents regarding public engagement and comment periods.”
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