The City of Cape Town has issued the prospectus for the development of the Foreshore Freeway Precinct in the Cape Town central business district.
The prospectus provides investors and developers with all the information they need for devising a development proposal for this precinct, which comprises a strip of city-owned land that is located under and between the existing and unfinished highways between the city’s northern edge and the Cape Town Harbour.
“We are extremely excited about this project – it provides both the city and the private sector the opportunity to collaborate on a scale that has never been seen in Cape Town before. This is a once-in-a-lifetime opportunity for urban developers to address the city’s traffic woes and affordable housing needs in return for the rights to develop one of the most valuable, vital and iconic precincts in the central business district (CBD),” said the City’s Mayoral Committee Member: Transport for Cape Town, Brett Herron.
Interested parties can access the document, as well as an informative video clip about the current challenges on Transport for Cape Town’s website. Interested parties and prospective bidders will find information pertaining to the city’s vision and expectations for the precinct and proposed development; the parameters for the submission of proposals; and the evaluation process.
“The prospectus also provides a market valuation summary; the land use development rights of the area – the size, zoning and ownership of adjacent land parcels; geotechnical information; and other information such as inbound and outbound traffic volumes on roads in the CBD,” said Herron.
The Foreshore Freeway Precinct consists of a strip of land 6 ha in size and 140 m wide. It is situated in a prime location and has the potential to provide developers with a significant return on investment.
The city will make this prime land available to the successful bidder for development in return for the provision of road infrastructure that will resolve the future of the unfinished highways; address current and future traffic congestion; and address the lack of access to and from the central business district.
Registered bidders have five months to compile their proposals and must submit these by the 8th of December 2016. “We look forward to receiving the proposals. We are also excited by the prospect of working with a partner from the private sector who will be able to provide us with an imaginative and creative proposal and development solution that will be to the benefit of all of us living in Cape Town,” concluded Herron.
To find out more email: email@example.com or visit http://www.tct.gov.za/en/foreshore-freeway-precinct/