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.