Cape Town's V&A Waterfront Plans US$1.1 Billion Expansion
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The developer of the Victoria & Albert Waterfront in South Africa’s Cape Town is planning a Rand 20 billion (US$1.1 billion) expansion at the site.
V&A Waterfront says it is in the process of applying for an additional 440,000 square metres in development rights across its total 1.2 million-square-metre footprint. The expansion will be executed in phases over the next 15-20 years. It plans to break ground on the project in 2025.
A land use application has been submitted to the Cape Town government and is due to be advertised for public comment in the first half of this year.
The company says the land use application would allow it to move into the next development phase, having recently completed the Silo and Canal mixed-use districts, enabling the expansion of the Waterfront’s public spaces.
Canal district at V&A WaterfrontSource: V&A WaterfrontThe majority of the new build is set to be located in the Granger Bay district, which will be executed as a residential-led mixed-use development with public and cultural attractions. It will also re-establish public access to the ocean.
The project will create a walkway linking the city centre to Mouille Point, connecting with the current Atlantic promenade and a new bay area.
V&A Waterfront is jointly owned by South Africa’s Public Investment Fund and Growthpoint, a local real estate investment trust (REIT).
V&A Waterfront property mapSource: V&A WaterfrontTop photo: Granger Bay district (Source: V&A Waterfront)
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