Sandton City is set to receive a R1,77-billion upgrade - and this massive investment is a sign of Liberty Properties' commitment to South Africa and its economy.
So said Liberty Properties chief executive Samuel Ogbu, who added that despite the gloom and doom around, "we believe in the country and, in fact, the continent and its people. We are not blind to the challenges. Africa is not for sissies, but we have a bold vision, which is to see the Sandton City precinct as our own Wall Street."
Sandton City, which was built as a pioneer centre in 1973, will see the construction of an 80-storey office tower, a new hotel, new retail and office space and residential apartments. The upgrade will include a 30 000m² extension that will take the complex to a massive 158 000m² gross lettable area.
Ogbu said surveys had been done and found that people thought the current Sandton City to be "dark and tired".
"Over the years, we have got several new competitors such as Melrose Arch and the Fourways Mall," he said.
Liberty Properties Development managing director Caswell Rampheri said this enormous project has been three-and-a-half years in the making.
"It will entrench the Sandton City complex as Gauteng's premier shopping destination and enable it to support the significant development and growth seen in this area, coming particularly from new residences and the construction of the Sandton Gautrain station.
"The retail extension will accommodate our existing key retail tenants such as Woolworths, Truworths, Edcon and the Foschini Group, which have for some time been requesting additional space, as well as numerous enquiries from other local and international retailers.
"The project will enhance shareholder and policyholder value by ensuring Sandton City remains relevant and can continue in its position as the unrivalled shopping destination for local and international consumers," he said.
The refurbishment and improvements are in line with the broader vision of the City of Joburg's aims for Sandton, which is to create a pedestrian-friendly neighbourhood, a residential housing offering for differing income levels and to promote a mindset of "work, live, shop and play".
Around 1 000 additional parking bays will be constructed.
Southern Sun's Sandton Sun hotel lobby will be refurbished to include more dining areas and a rooftop restaurant with views of the city. There will be an all-round improvement in security through the installation of state-of-the-art surveillance equipment.
The project also includes structural elements aimed at improving customer flow and movement by connecting the entire mall, as well as through easier access, with the Sandton Convention Centre, Nelson Mandela Square and the broader Sandton area.
Out-of-date capital equipment such as lifts, escalators, air-conditioning, parking equipment and building management systems will also be replaced.
A key component of the project is to improve back-up power to counteract any future shortages of electricity.
London-based RTKL Associates - an award-winning practice of architects, planners, engineers and design consultants - have been chosen as the complex designers based on their bold approach and comprehensive understanding of retail.
RTKL were the designers of the Beijing International Sports and Exhibition Centre for the current Olympic Games.
They have also designed The Gateway Shopping Centre in Umhlanga, Durban, and are the designers for the new Twin Towers precinct in New York.
The refurbishment will contribute significantly to job creation and BEE development. It will start at the end of the year and is scheduled for completion early 2012.
The main construction contract has not yet been awarded and is in the tender stage, but it will include a 60 percent BEE participation target, with mandatory use of small and medium enterprises and joint venture BEE entities to ensure the transfer of skills.
Work will stop during the Fifa 2010 World Cup.
"We have a broad vision and high aspirations for this enduring landmark," he said.