Johannesburg - The dust has settled and the once-popular Maboneng precinct is back in action.
Sthembiso Dube of the new Maboneng Civic Association (MCA) said it has been no secret that things went wrong a year ago when Propertuity, the key development company that started and led the regeneration of Maboneng, was about to liquidate.
Because Propertuity was covering the costs for security and cleaning, there was panic as these services were vital for the area, he said.
The MCA, an NPO, was set up to ensure the services continued and the group has been working hard to establish a new body that makes financial and community sense.
Many parts of the redeveloped and bought portfolio of Propertuity went on the auction. Buildings were sold as sectional title properties, which means that many were now owned by a group of individual owners.
“While some of the properties are transferring to new ownership, the bulk of the retailers have committed to staying in Maboneng with their new landlords. Also, many new property companies have invested in redeveloping the area and are part of or will join the MCA.
“The good news is space has opened up for new ownership, renewed energy, ideas and investment and ultimately, a more shared vision for the regeneration of the city together with Divercity, which are currently redeveloping the six-block Jewel City precinct,” he said.
This includes Absa Towers Main which will be linked to Jewel City. Another R400million has been
earmarked for residential accommodation which is under development in Maboneng.
“What we know for sure is that Maboneng is not going anywhere. It’s been 10 years since the first re-developed building, Arts on Main, was launched and there’s still plenty more work to be done as we move toward regenerating this part of the city,” said Dube.