Cape's new R10 billion Harbour Arch development. Picture: Supplied

Cape Town - The Amdec Group launched the new Harbour Arch development, which will be located on the Cape Town foreshore.

This R10 billion development  will be a mixed use development including retail, commercial, residential, hotels, and motor dealership showrooms. The initial development phases will consist of 2 residential blocks comprising some 580 apartments, 4 motor dealerships, and the 1st hotel tower, which will be home to the Marriott Hotel and Residence Inn by Marriot.

Wesgro’s CEO, Tim Harris, speaking at the launch on Thursday morning said: “Today’s launch of the R10 billion Harbour Arch by the Amdec Group is another vote of confidence in the Cape Town, and highlights how our CBD is probably the most functional and investable on the continent. Such a large development will provide a boost to our local economy and will add to the Mother City’s growing and iconic skyline.

Modelled on the award-winning Melrose Arch mixed-use precinct in Johannesburg, this development will add much needed housing stock and job opportunities in central Cape Town”

Mayor Patricia De Lille added that “the investment through the construction of Harbour Arch is a welcome injection to our city’s economy. Cape Town is a forward-looking city, attracting more investment.

We have to balance economic development with high-density affordable housing which is located close to the city. Investment must coincide with our social responsibility to inclusive economic growth, job creation and an integrated community.”

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Adapted from Press Release

Cape Argus