At its 10th Annual General Meeting in late October, the Cape Town Partnership noted that despite the current economic climate, there is still robust local and foreign private investment in central Cape Town, coupled with public-infrastructure development as the city gears up for 2010.
 
‘These indicate that large development projects still retain strong appeal despite the current risk-averse economic climate,’ Partnership CEO Andrew Boraine told the more than 250 AGM delegates.

The Cape Town Partnership is a Section 21 non-profit organisation governed by a board of directors in partnership with the City of Cape Town, the South African Property Owners’ Association (SAPOA), the Cape Town Regional Chamber of Commerce and Industry and other stakeholders. It brings public and private shareholders together to drive the regeneration of central Cape Town.

So far, there has been more than R1 billion spent in complete and incomplete development projects in the central city area during the past year. Some of the major developments in the pipeline include Portside, where the City has given the go-ahead to a mixed-use development that will set new city records for the tallest skyscraper at 150 m; the restoration of the stately 18th century Granary Building in Buitenkant Street; and work on the Faber Building, one of the last remaining examples of Modern Movement architecture in Cape Town. When complete, this building will feature a ground floor retail level and 11 commercial-area floors suitable for office, hotel or leisure use. It will also accommodate parking on site.

Other positive happenings in the area include the opening of the Pink Flamingo (a new cinema on the top of the Grand Daddy Hotel), the relocation of the popular Charly’s Bakery to Harrington Square, the opening of the New Space Theatre in Long Street, and the opening of the Bromwell Boutique Mall in Woodstock. Three new Spar outlets are scheduled to open soon in the area, while Deloittes is also relocating to the area from Claremont. Student accommodation has been planned for Plein Street and the 15 on Orange development, opening in December near the Planetarium, will be “a great venue to meet, greet and be seen.”

“The City’s new transport systems, which will be coming on stream in future years, will dramatically improve access to and from the city, helping to make the area the most desired commercial node in the metropolitan region.

“The Cape Town central city has unique features that very few worldwide central building districts (CBDs) have, and that no local decentralised commercial nodes can provide,” said Boraine.

This past year saw Cape Town’s oldest public space – the Grand Parade – being upgraded. “It is no surprise that this space has been chosen as the location for the official Fan Fest for the 2010 FIFA World Cup™ next July when thousands of international and local fans will gather in support of their teams.

“Across the road, the Cape Town Station is getting itself into shape. Taking on the look and facilities of a contemporary mall, it will boast a newly tiled concourse, ticket offices, food courts and retail space not only to welcome the world but also to pave the way for the second phase of the station upgrade - the possible sinking of the rail lines to open up new land for further development towards Woodstock and Salt River over the next 10 to 15 years.

“In addition, Cape Town central city has become a cleaner, safer and more attractive place for all Capetonians and visitors. For example, arrests were down 54% this year, as fewer crimes were committed, and some 200 jobs per months for unemployed people were created through the Straatwerk job creation project.

“Urban regeneration is not just about buildings and property - it’s about the people and getting them off the streets and into the economy,” said Boraine.

A recent survey conducted with CTP showed that business confidence in the central city remains high, despite the economic downturn. Altogether, 84% of business owners believe that they have made a good investment by running a business in the area, with nearly 92% confident that they will still be open and trading in a year’s time when the 2010 FIFA World Cup™ hits town.

“Cape Town has become a city of partnerships,” said Boraine. “Our vision is for an inclusive, productive and diverse central city that retains its historic character and reflects a common identity for all the people of Cape Town.”