The City of
Cape Town has doubled its financial contribution to the Cape Town Partnership over the next three years. This means the City will contribute R18 million over the next three years – an increase of more than 50%. This year was also the first time that the City has entered into a three year financial contract with the Partnership – opposed to the normal one-year contract since inception in 1999.
The past year has seen the Cape Town Central City developing at a rapid pace. “Potential investors are standing in line to become part of the revitalization of the Central City,” said Andrew Boraine, Chief Executive of the Cape Town Partnership.
According to Boraine, the key development trends in the past year were:
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Major improvement in the Central City commercial property market.
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The emergence of the Foreshore precinct as a major financial, media, convention and business services centre.
- Continued growth of creative and cultural industries such as advertising, craft, design, film, media, publishing, performing and visual arts.
- A shift from residential conversions to office-space development.
- A strong trend towards new private sector developments in Lower Gardens, Green Point and Woodstock/Salt River precincts.
- The growth of new ground floor retail – signifying a shift for the first time in over twenty years.
- The growth of restaurants and coffee shops.
- Upgrading of key public spaces.
- Hosting of bigger and better events in the City Centre
Boraine said between R28 to 30 billion worth of new private and public sector investments are being planned for the next three to five years in the Central City.
“Cape Town has undoubtedly the safest central city in
South Africa , says Boraine. “At last, the Central City is becoming what we have been striving for: a place where the people of Cape Town meet, in a unique and pleasant urban environment, to conduct business, welcome visitors and in true tradition of the Mother City, watch the world go by over a good cup of coffee”, said Boraine.
From the City of
Cape Town Press Releases
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The increase in investment
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