It will add 10 000 m2 of retail space, a new Netcare Chris Barnard Memorial hospital, an office tower, numerous basement parking bays, as well as the regeneration of Founder's Garden by the province, which will connect the Artscape precinct with the new, larger CTICC. This reconnect will see a business, arts and culture precinct on the foreshore, encouraging public engagement with these spaces - something needed in that part of the city.
The expansion project will unlock construction and development opportunities in the precinct and have a multiplier effect on the economy, bringing much-needed regeneration to an area of the city that has been dormant for many years.
Purchase said, "When the CTICC was originally envisaged back in the 1990's, there was considerable scepticism about its success. That scepticism has proved unwarranted and the centre has exceeded all expectations. It has far outperformed expectations, becoming a profit centre in its own right. Both operating and capital costs are being recovered, it has paid rates and has never needed any further funding from council after the original investment. More importantly is the finding by UCT Graduate School of Business that the convention centre has created 3076 direct and 4004 indirect skilled and semi-skilled jobs. It is a wonderful example of a successful partnership between business and government."
The expansion will contribute to the creation of more than 8000 jobs annually by 2018, enhancing the economic spin-off of the centre. A recent feasibility report by economists from the University of Cape Town's Graduate School of Business that measured the possible impact of the expansion, revealed that the convention centre's contribution to the national Gross Domestic Product (GDP) is expected to increase from R2.3 billion currently to over R5.1 billion per annum. It is expected that during the construction phase, more than 1000 direct indirect jobs will be created during 2011 - 2014 and more than 246 employment opportunities linked to the construction industry will be created.
