Joburg Mayor unveils R20-billion investment for Inner City

Johannesburg Mayor Herman Mashaba has announced that more than 10 000 jobs will be created in the Inner City after he unveiled a R20-billion investment in the property sector.

The mayor said construction of these developments should take place within six to eight months.

“I am pleased to announce the single biggest property investment the City of Johannesburg has ever made through private sector development,” said Mashaba.

“Through the release of City properties to the private sector for redevelopment, the City expects to realise R20 billion in expected investment value, which will soon be visible in the inner-city with 24 developments set to start within six months. This is in addition to the three developments already underway in Hillbrow and Newtown.”

Mashaba added that the developments come as a result of the prospectus of 71 properties that were released to the private sector in 2017 as part of the Inner City Revitalisation Programme.

“These were in addition to the 13 properties council released initially. Council’s approval of the latest batch of 70 properties in February brought the total number of properties released to the private sector for mixed-use development to 154 since the programme was launched in October 2017.”

He added that these developments would bring back confidence to investors in the Inner City.

“These developments are predominantly mixed-use, with emphasis on affordable residential units, affordable student accommodation and affordable retail spaces for SMMEs. However, some developments will deliver solely residential or student accommodation.”

The mayor said turning the Inner City into a construction site is certainly no longer only a dream, but a reality.

“Through the City’s Inclusionary Housing Framework, which makes provision for new developments to include at least 30 per cent affordable housing, residents of Johannesburg can now also live where they choose across Johannesburg with better access to jobs and opportunities.

“The multi-party government has made tackling the City’s housing crisis one of its top priorities for bringing change to Johannesburg. The Inner City Revitalisation Programme is key to achieving our vision for the City as it will assist in addressing not only the housing crisis but also create much-needed jobs.”

Related articles: 

https://www.citizen.co.za/midrand-reporter/211889/joburg-mayor-herman-mashaba-committed-revalitise-citys-economy/

https://www.citizen.co.za/midrand-reporter/210346/mayor-herman-mashaba-launches-new-batch-properties-set-r20-billion-investment/