Construction of the Jewel City in Johannesburg, South Africa, which started close to the end of last year, is moving on swiftly. The redevelopment initiative is a significant investment in the South African city by Divercity, a new investment fund that is renewing and re-energizing South Africa’s urban centres with distinctive inner-city precinct development.
The projects’s Major shareholders and stakeholders include Atterbury Property, Ithemba Property, Talis Property, RMH Property and Nedbank Property Partners.
Atterbury Property the development manager led by Derrick Pautz said that Nomad Construction Company is undertaking the development of Block One, the first residential redevelopment of the project. Mr. Pautz added that the WBHO/Matheo JV is the appointed contractor for Block Six, and all other features of the project.
Residents to the Jewel City apartments are expected to move in from November this year as soon as the earliest floors of the residential development are delivered. Upper floors will become available before all the other floors, moving down the buildings until all floors are finished.
The City is relishing exceptional buy-in from key national retailers, which are showing intense interest and commitment. There is already impressing progress on leasing the development’s first 14,000 square meters of commercial space, which includes a primary school, an high school and medical facilities.
Jewel City will be connected with two other Divercity projects, the ABSA Towers in the Main ABSA precinct redevelopment and Vibey Maboneng Precinct residential. This link will be facilitated with the installation of people-friendly walkway along Fox Street in the city of Johannesburg.
“We’re super excited to break down the walls of the once upon a time heart of the diamond and precious metals trade in Johannesburg and opening up great living opportunities that enhance quality of the life of the people of Johannesburg,” concluded Pautz.