As part of the City of Johannesburg’s own initiative, council has approved the release of 71 buildings earmarked for the regeneration of the inner city.
Mayor Herman Mashaba announced this after receiving an investment of R2 billion from Divercity Urban Property Fund to help with their plans to transform the City.
The development of these buildings is set to take place through public-private partnerships with developers within the City, said Mashaba.
He also said that these buildings are expected to deliver at least 4 000 units for student accommodation, small business premises and affordable accommodation for some of the poorest residents.
“This is part of Diphetogo, real change, this administration has promised residents of this City,” said Mashaba.
“The City is sensitive to the fact that skills development, employment and SMME development must happen alongside plans to transform the inner city in order to address the unemployment that faces many of our residents.”
Mashaba believes that through the redevelopment of City’s 84 properties, almost 5 000 temporary jobs will be created during the construction phase.
As part of the submission process, he said, developers will be required to set out how many work opportunities will be generated as part of their bid. He added that this will create opportunities for residents, and in particular the youth, to enter the job market.
These 84 properties have been available to potential investors and this will be available for interested parties to respond to until 30 November.
“I am delighted that efforts of this administration, working together with the private sector, it’s finally bearing fruit for the people of our City,” he concluded.
Details: www.joburg.org.za
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