PROPERTY: Cape Town Unlocks New Potential
Recent Western Cape Business News
The City of Cape Town proposes to withdraw an inner city road scheme which will release both prime private and City-owned property for development in the eastern city precinct. If this release is successful it has the potential to unlock substantial development potential in the city that will help promote economic growth and development in Cape Town.
Last week the Mayoral Committee agreed to obtain Council’s permission for the withdrawal of the Canterbury–Maynard link road scheme that was proclaimed in 1973. The item was approved at Council yesterday.
The road scheme affects more than 100 erven and is limiting the development possibilities of more than 1,4 hectares of valuable Central Business District (CBD) land.
The Canterbury–Maynard link road scheme is located between Darling and Mill Street and was earmarked for a double carriageway as part of a ring road around the CBD.
“ If the scheme is withdrawn new development potential will be realised for the Fringe that is located between the CBD, Woodstock and Zonnebloem. The final approval, however, rests with the Provincial Minister of Transport and Public Works,” says Councillor Brett Herron, Mayoral Committee Member for Transport, Roads and Stormwater.
“Technical studies have shown that the Tennant Street road scheme on the periphery of the CBD is a more effective scheme to complete the envisaged ring road.
“The existing road alignment and road reserves of Canterbury and Maynard Streets will not be affected by this process. The status of the road will change from a proclaimed Provincial main road to a municipal street and the proposed widening of the roads will be scrapped,” he says.
“Although this is a complex process, it will serve as a valuable pilot project for the withdrawal of other road schemes within the municipal area. Due to the many role players involved, there will be an extensive public participation process,” says Cllr Herron.
Business News Sector Tags:
Fax 2 Email
Study IT Online
Work from Home