The luxury project, which will take shape on the slopes of uMhlanga’s prime Ridgeside site, is destined to become a landmark development.
It will be the first mixed-use development in KwaZulu-Natal offering residential, commercial and hospitality facilities, boasting an arch with views of the coastline.
The 28-storey development will have a rooftop pool, the highest on the coast. It will also have a big-name, four-star hotel, the name of which will be disclosed soon.
The developers, The Multiply Group (which owns 70%), as well as Charles Thompson and Chris and Pierre du Toit, believe the project will set a new precedent in the property industry.
The have partnered with Rembrothers and hope to attract “the best of the best” in retail and restaurants.
A Dubai-based restaurant has expressed interest in the Arch’s piazza level.
Record residential sales were notched up before the ceremony. All but eight of the 162 apartments have been sold, the most expensive at R5 million.
There are New York-type lofts apartments for R2m each.
Acting deputy city manager Phillip Sithole, who attended today’s ceremony, said the development would boost the economy and create confidence in Durban to attract more investors.
“This development is a feather in our cap. It is a clear case of showing the world that Durban is the best investment destination,” he said.