© Business Day
Another major residential development is being planned for the popular Newtown precinct in the inner city.
The R150m development, which will consist of four high-density apartment blocks, will be launched in October, and follows the successful launch of the mixed-income Brickfields development in Newtown on Friday.
Large private property player Zenprop is one of the financial backers and co-developers of the Newtown Central Place Project, which is the planned development of the land around Central Place opposite the Mary Fitzgerald Square.
The four apartment blocks, with a retail and studio component below will cover 18000m², forms part of the project.
"There will be four apartment blocks in a high-density urban form with retail below, parkscapes and parking underneath," says Zenprop joint CEO Rodney Weinstein.
Weinstein says there will be 240 units in eight- to 22-storey apartment blocks with views over the city. Prices will range from less than R300000 to just under R2m. "It’s a great site. There will be penthouses, and what we are doing are split-level apartments with balconies and big private, open-space areas with swimming pools and good security," says Weinstein.
The development was inspired by the mixed-use Melrose Arch project, and will cater for middle and upper income groups.
Weinstein says Zenprop may also be involved in another scheme ,which will see in another mixed-use development, including 120 residential units being built in Central Place.
These and other developments are a clear sign that inner city rejuvenation efforts are bearing fruit.
At last week’s launch of the Brickfields project, Taffy Adler, CEO of the Johannesburg Housing Company, the developer of Brickfields, said the R121m project had attracted a lot of interest.
Brickfields, the largest public- and private-funded residential development in the inner city, attracted more than 8000 people to its site in the two months before launch.
Adler says that when the rental accommodation project was launched in July, 1300 people moved in. Rentals range from R1200 to R3200.