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The Jewel City development project in Johannesburg is coming to life, with the first sod turned on Monday and further development plans for the inner-city precinct unveiled.

The sod-turning was attended by Johannesburg mayor Herman Mashaba and Sigma Capital executive chairperson Phuti Mahanyele.

The project is a R1.2-billion investment by Divercity Urban Property Fund and its backers, some of South Africa’s leading property investors and developers, including major shareholders of Atterbury and Ithemba.

Jewel City, the former heart of the diamond and precious metals trade in Johannesburg, is a precinct spanning six city blocks that have been closed off to the public for decades. Divercity acquired Jewel City from Redefine Properties and the property transferred on October 1.

Jewel City will reopen to the public as a mixed-use precinct with a fully pedestrianised streetscape. The project includes the redevelopment of existing buildings and the construction of more than 40 000 m2 of new buildings in the precinct.

The rejuvenated Jewel City will include an abundance of amenities such as a school, clinic, gym, parking and convenience retail, as well as fast food and other restaurants.

It will also include 20 000 m2 of commercial space, 1 200 new residential apartments in Phase 1 and up to 1 000 in Phase 2.

http://www.engineeringnews.co.za/article/jewel-city-development-project-marks-sod-turning-milestone-2018-11-19
 

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Work has started on the first new residential building in Jewel City and, in addition, the first residential conversion of an existing building on site is now underway.
By remodelling Jewel City’s existing buildings and constructing new buildings of over 40,000sqm, Divercity is converting a formerly closed-off area of the city into a thriving, modern inner-city neighbourhood. Jewel City will reopen to the public in 2020 as a vibrant mixed-use precinct, including 1,200 new residential apartments in its first phase and up to 1,000 in its second phase.
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.
https://www.atterbury.co.za/divercitys-jewel-city-project-brings-six-joburg-cbd-blocks-to-life-with-strategic-urban-rejuvenation/?fbclid=IwAR2rPtDM4sMMxQyOPQ7-HTJoORInE6Vw0dLTjDmETuuk39UG-5bIb_qb_-0





 

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Discussion Starter #4
^^

Construction starts on a new R1.2 billion redevelopment project in Joburg’s CBD













Construction has started on the first building in the Jewel City redevelopment project in Johannesburg.

Jewel City is located in the eastern CBD of Johannesburg, on Fox Street, placed between Maboneng and Absa precincts.

The redevelopment consists of six city blocks, five of which have existing commercial buildings on them.

The project is being run by investment group Divercity, which aims to combine commercial buildings with affordable residential accommodation to create inclusive and diverse neighbourhoods.

Divercity’s key shareholders and stakeholders include Atterbury Property, Ithemba Property and Talis Property Fund, and its cornerstone investors are RMH Property and Nedbank Property Partners.

Property developer 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.

By remodelling Jewel City’s existing buildings and constructing new buildings of over 40,000sqm, Divercity is converting a formerly closed-off area of the city into a thriving, modern inner-city neighbourhood, it said.

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.

The project is expected to have a total development value of more than R1.2 billion upon completion.

https://businesstech.co.za/news/property/307172/construction-starts-on-a-new-r1-2-billion-redevelopment-project-in-joburgs-cbd/
 

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Tenants line up for space in Joburg’s bombed-out CBD

Atterbury Property’s R1.2 billion residential and commercial redevelopment of Jewel City in Johannesburg’s bombed-out central business district is about to sign lease agreements with a national grocery chain and other retailers such as Clicks pharmacy to anchor the project.

Construction across six city blocks began late last year and the first residential tenants are expected to move in by November, Atterbury development manager Derrick Pautz said by phone on March 26.

The construction of 40 000m2 of new buildings and redevelopment of existing structures in Jewel City, which got its name as the closed-off area housing the country’s diamond and precious metals regulators, will include 1 200 apartments in phase one leasing from R3 000 to R6 000 a month, says Pautz. Phase two will add up to 1 000 more apartments.

The plan is to open up the area and upgrade Fox Street to link the R1.2 billion Jewel City with the R380 million Absa Towers main building redevelopment, also being done by Atterbury through a consortium called Divercity Urban Property Fund. The fund’s Fox Street work will be extra to the costs at Jewel City and Absa Towers, says Pautz.

Corporate tenants began to flee Johannesburg’s original CBD for the northern suburbs, primarily Sandton, in the 1990s as criminal gangs overrode parts of it and the homeless occupied derelict buildings. Blocks of the CBD became no-go zones ruled by thugs and drugs. Jewel City, in the eastern CBD, was largely sealed off, but felt the effects of the urban decay.

“It was very much a bombed-out area, it was a total security shutdown and cut off from public access,” says Pautz. “Our aim post redevelopment is to open it up and incorporate it back into the fabric of the city. It will be fully accessible – pedestrian and vehicular access will all be reopened.”

The project’s national grocery outlet tenant cannot be named publicly quite yet because of a non-disclosure agreement, but those already signed up include Planet Fitness and Famous Brands, which owns fast food chains Steers, Wimpy and Debonairs Pizza. Famous will likely install a Mugg & Bean restaurant in the development, says Pautz.

Atterbury’s other developments include its 20% in Johannesburg north’s Mall of Africa, the largest first phase shopping centre in southern Africa at 130 000m2.

Atterbury has a 31% share in Divercity, which is running the Jewel City and Absa Towers projects, alongside 27% invested by Ithemba Property, with 19% each held by Rand Merchant Holdings (the bank is also a shareholder in Atterbury) and Nedbank. The privately held Genesis Property holds the remaining 4% in the fund.

Divercity will lease 10 grade A office floors of the Absa Towers main building back to the bank and turn the remaining 20 floors above it into 550 apartments, according to Pautz. The apartments should be completed in a year, he says.

https://www.moneyweb.co.za/investing/property/tenants-line-up-for-space-in-joburgs-bombed-out-cbd/
 

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Discussion Starter #8
A massive R1.2 billion redevelopment project is taking shape in Joburg’s CBD

Property developer Atterbury says is making progress on its R1.2 billion Jewel City redevelopment project in Johannesburg’s central business district (CBD).

Atterbury posted updated images of how the rejuvenation is progressing, a year in to the project.

Jewel City is located in the eastern CBD of Johannesburg, on Fox Street, between the existing Maboneng and Absa precincts.

The redevelopment consists of six city blocks, five of which have existing commercial buildings.









Atterbury development manager, Derrick Pautz, said the plan is to open up the precinct which has been closed to the public for several years, and ‘pedestrianise’ Fox Street, creating a safe, green, space for people to enjoy.

The project is been handled by DiverCity, which is partnership between Atterbury and iThemba Property (previously Circlevest).

Upon completion, the new district will include:

  • 20,000 square metres of commercial office space
  • 7,000 square metres of retail space at completion
  • 1,550 new residential apartments
  • 40,000 square metres in brand new buildings
  • Safe pedestrian urban precinct
  • Vibrant living, shopping and office environment of six city blocks
  • School
  • Clinic
  • Gym
  • Ample parking
  • Convenience retail
  • Fast food outlets and restaurants
The projected timelines are for the redevelopment to be complete by mid to late 2020, with the first residential units being completed in the last quarter of 2019.

https://businesstech.co.za/news/property/343868/a-massive-r1-2-billion-redevelopment-project-is-taking-shape-in-joburgs-cbd/
 

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Discussion Starter #9
Curro opens new tech-focused school in the heart of Joburg



Private-school group Curro has opened its new DigiEd school in the Jewel City precinct in Johannesburg’s Maboneng district.

The DigiEd school is part of a new e-learning concept geared towards preparing students for the fourth industrial revolution by focusing on the development of 21st-century skills, specifically maths and science.

Lessons are conducted online in virtual classrooms, with teachers and tutors providing learners with one-on-one lessons and support as needed in real-time, giving them immediate personal assistance and ensuring that they grasp concepts before moving on.

Curro said that the DigiEd school will also have longer school hours and a no-homework policy which will it easier to accommodate working parents’ schedules and removes the pressure on learners to manage heavy assignment and study loads.

Children can be dropped off at school in the early morning and are able to remain on the premises until well after normal office hours, it said.

“Our aim is to provide inner-city learners with the kind of education that will equip them with the necessary skills to compete and succeed in the workplace of the future,” said Curro executive head, Yonela Hoza.

“The world is becoming increasingly dependent on innovation and technology, and our youth must be given the tools with which to carry that innovation forward into future generations.”

https://businesstech.co.za/news/technology/368412/curro-opens-new-tech-focused-school-in-the-heart-of-joburg/
 

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Cranes down, topped out and looking rather bulky... lots of work still to be done around the area, but it’s nice to drive past it on the bridge. Adds a bit of density that is quite obvious as you head south on the bridge
 
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