DURBAN - THE plan to develop the Durban Centrum site in the Gugu Dlamini precinct is going ahead with the municipality issuing an “expression of interest” for interested investors.
“In light of the financial situation of the city caused by Covid-19 and the recent civil unrest, the city’s executive management structures have authorised the Economic Development Cluster to proceed with the process of seeking an ‘Expression of Interest (EOI)’ from potential private investors for the re-development of Centrum,” said a report on the matter tabled recently.
A report is looking at the state of many of the city’s catalytic projects it hopes could change the face of Durban and create a much needed economic boost and jobs.
It said the National Treasury’s Government Technical Advisory Committee (GTAC) has indicated that it is necessary to appoint Transaction Advisers to review the draft Terms of Reference (ToR).
The Transaction Advisers will also assist the city to conclude any agreement with the successful bidders. GTAC is now currently busy with sourcing the services of the required Transaction Advisers.
The development of the Durban Centrum Gugu Dlamini Sub-Precinct entails a mixed-use precinct, a new super basement parking garage with public service buildings, integrated with high-density residential, hotel, retail, and commercial development.
The site comprises the largest single area of the central city and provides the potential for comprehensive redevelopment.
It is expected that the site will complement the adjoining central business district while trying to preserve the city’s heritage in terms of its historic buildings. The total investment value is R9.4 billion and is expected to provide 3,350 construction jobs and 1,350 permanent jobs, with an annual rates contribution of R67 million.
THE MERCURY