Construction of Maboneng’s R1.8bn Jewel City resumes after being halted by Covid-19
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Johannesburg - Despite the onset of Covid-19 and the halt to many developments, construction of Jewel City in the celebrated Maboneng precinct in the Joburg CBD has resumed.
The major R1.8 billion inner-city redevelopment, which cover six city blocks, is a massive new extension of Maboneng and will have affordable rental accommodation, retail space, offices, markets, schools, medical and recreational facilities and public art – all within a highly-secured area.
The new area, formerly mainly occupied by the precious metals gold and diamond industry, now connects to the landmark Arts on Main. It was lying derelict for years, attracting crime and grime to the east of the CBD.
At the same time, Divercity Urban Property Fund, which is undertaking the development, has redeveloped the iconic Absa Towers Main which is included in the new precinct.
The mixed-use Jewel City includes 2 700 flats, which are enjoying exceptionally high levels of take-up, as well as 20 000m² of commercial space.
Its retail space is already fully let, and its offices are increasingly attracting businesses to the area which benefits from immediate access to all the amenities that employees value most.
Tebogo Mogashoa, chairperson of Divercity, says: “The reaction to Jewel City has been phenomenal. People naturally gravitate to spaces that are safe, beautiful and fundamentally good places to be.
“This is a great place that benefits from infrastructure and community, and we are thrilled that we were able to see its potential and redevelop this gem to make it a safe and wholesome for families, and full of amenities and job opportunities.”
Carel Kleynhans, chief executive of Divercity, adds: “Seeing it now, it is difficult to believe that the biggest challenge we faced in its development was getting others to invest in our vision to build quality precincts in the city, and take a leap of faith with us.”
The official launch took place on Heritage Day.