Revitalisation of Joburg’s Jewel City forges ahead
The redevelopment of Jewel City in the Johannesburg CBD is under way, as Divercity Urban Property Fund revitalises six city blocks that have been closed to the public for decades. Jewel City will reopen to the public in 2020 as a mixed-use precinct, including 1,200 new residential apartments in its first phase and up to 1,000 in its second phase.
Property developer and investor Atterbury is managing the development for Divercity and reports that Nomad Construction is the appointed contractor of the first residential redevelopment, Block One. The WBHO/Matheo JV is the appointed contractor for the first new residential building, Block Six, and all other elements of the development.
The master programme for Jewel City has been orchestrated so the development of all six buildings of the first phase will be completed at the same time. “There will be a crescendo of activity as those buildings that require less time for completion are progressively added to the active construction programme,” explains Derrick Pautz, Atterbury development manager.
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Residents are expected to move into their Jewel City apartments from November this year as the first floors of residential development are completed. Upper floors will become available first, moving down the buildings until all floors are finished with phase one completion in April 2020.
Jewel City will connect with two other Divercity projects being the new Towers Main redevelopment in the ABSA precinct and its Maboneng residential addresses. This link will be facilitated with a walkway along Fox Street.
Jewel City is expected to have a total development value of more than R1.2bn once complete.
Source: bizcommunity.com
