Cape Town is poised for significant economic growth with a new R1.2 billion mixed-use development planned for the Central Business District (CBD). This project follows a successful public lease auction of prime land adjacent to the Cape Town International Convention Centre (CTICC), awarded to Afrirent Holdings. The landmark development will feature a blend of lifestyle, retail, office spaces, and a hotel, reinforcing Cape Town’s reputation as a top global destination for both business and tourism.

Alderman James Vos, Mayoral Committee Member for Economic Growth, emphasized that this project is a cornerstone of the City’s strategy to utilize municipal assets for private investment. “By maximizing public assets, we’re creating jobs, boosting tourism, and generating revenue that benefits all Capetonians. This project marks an essential step in revitalizing underutilized properties and will invigorate our economy,” said Alderman Vos.

The site, located on portions of Erf 270 and Erf 192 in Roggebaai, is designated for General Business and Transport. If approved by City Council, a 99-year lease term valued at approximately R1.57 million per month will be granted, channeling significant funds back into public services and infrastructure.

Expected to complement the operations of the CTICC, the development aims to attract both local and international visitors, fostering vibrant public spaces and enhancing Cape Town’s economic and cultural appeal. Final Council approval is anticipated next month, after which planning will commence for this transformative addition to the CBD.

Alderman Vos concluded, “This project will pave the way for sustainable growth and keep Cape Town competitive on the global stage. I look forward to witnessing the positive impact this development will have on our city and its people.”