According to Councillor Simon Grindrod, Mayoral Committee Member for Economic, Social Development & Tourism, this will be
The Malgas site was sold by the City in May 2007 to the Old Mutual Property Group for over R89 million.
At the time Executive Mayor Helen Zille said that this initiative was an excellent example of “how the private and public sector could work together in realising the City’s strategic objectives of economic growth and development”.
The City’s Spatial Planning, Environment and Land Use Management Committee (SPELUM) has now approved the height waiver which will allow the development to go ahead.
“This is another illustration of how the public and private sector can work in harmony to create investment and jobs for the residents of
“The City welcomes the mixed use development of hotel accommodation and commercial space. With a height of about 150 meters, it will be the tallest building in
“The development will comprise 33 000 m² of offices, 14 500 m² of hotel accommodation and 2 500 m² of retail space. This is a significant show of confidence on the part of
“The City of
“The development is important for a variety of reasons including the social and economic benefits. One of the conditions of sale was that Old Mutual should prioritise the building of 564 residential units and a retail and commercial development of about 6 000m² on a 10 hectare property in Khayelitsha.
“This is an example of how the City will use strategic parcels of land to stimulate economic growth in areas where it is most needed. The City welcomes the additional hotel and office space that will lead to more jobs for the economy of