PLANS for eThekwini’s inner city regeneration were revealed at a meeting between city officials and the business community on Friday at the Maharani Hotel where it was announced that more than R62-billion worth of capital investments are set to transform CBD.
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EThekwini Deputy Mayor Fawzia Peer said the city faced many challenges.
“Durban’s inner city has suffered many shocks resulting in a decline, but this time business and government have come together to innovate and set aside differences to see how our inner City can thrive.”
Peer adding that the growing port and passenger cruise market, new student villages within the CBD and a growing informal economy were instrumental in reviving the inner city.
The City’s Head of Catalytic Projects George Mohlakoana, speaking on behalf of Deputy City Manager for Economic Development and Planning Phillip Sithole said priority zones had been created with the city to deal with challenges.
“The different components of the Inner City Regeneration plan deal with issues such as road networks, water leaks, street lighting, cleanliness and drugs,” he said.
During the meeting, the business community was updated on several major developments, all of which are at different phases of design and development in the inner City.
The area from City Hall to the beach will see investments worth R36 billion from private investment and a R16 billion investment in the area between City Hall and the Warwick Market area.
Key projects within the zones include:
• R400 million City investment in the 750 metre extension of the Durban promenade is 75 per cent complete,
• R240 million City investment to the Water Mains and Mahatma Gandhi public realm, with a contractor being named shortly,
• A retail mall and residential apartment investment in the City worth R2,8 billion by the developer. This will be launched in November and once complete will add R200 million annually to the rates base,
• Rivertown Development is ready to proceed with a City investment of R44 million,
• R2 billion City investment into the Centrum site which will be a mixed use development including an underground carpark, and will take eight years to final completion.
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