Major facelift for Greenmarket Square

Greenmarket Square, in the heart of Cape Town's central business district, turns 300 on 10 March 2010, and the city has initiated a rejuvenation drive, which is attracting millions of Rands of private investments into the precinct.

“The Square has played a significant role in the city's history since the first trading ships berthed in Table Bay in the late seventeenth century and used it as a trading area,” said Councillor Simon Grindrod, Mayoral Committee Member for Economic, Social Development and Tourism.

The city now plans to resuscitate Greenmarket Square into the cultural, social and business hub of Cape Town which will also act as catalyst for inner-city revival, said Grindrod.

Plans include the ‘pedestrianisation' of the Square, the widening of the Shortmarket Street sidewalk, upgrading of the ablution block, construction of a concert stage, reconfiguration of the informal trading areas, and moves to link it to the 2010 FIFA World Cup ‘fan mile'.

Heritage features such as a slave memorial and original water pump are also being considered.

The city has already started sprucing up the craft market as part of a broader initiative to regulate informal trading across the city.

Attracting more tourists

“Cleaner and safer trading areas will inevitably attract more tourists and investors. As part of the city's plans, we will use informal trading as a springboard for emerging entrepreneurs to start their businesses with the aim of growing into the formal economy," said Mansoor Mohamed, the City's Executive Director: Economic, Social Development and Tourism.

Property developments in and around the Greenmarket Square precinct have boomed in recent years, reinforcing Cape Town's reputation as having the most vibrant and sustainable central business district in Southern Africa.

The city is greatly encouraged by the praiseworthy efforts of property owners and developers around the Square who have collectively spent millions on improving the precinct and public urban environment.

Eurocape Holdings, currently the largest foreign investor in Cape Town's CBD, with its R1 billion Mandela Rhodes Place mixed-use development, supports the city in its efforts to rejuvenate Greenmarket Square.

Historical heart of Cape Town

“The history attached to the Square cannot be lost to future generations. If the city does not take drastic action now, Greenmarket Square will not take its rightful place as a major tourist attraction in Cape Town.

“It is the historic heart of Cape Town and belongs to the people of Cape Town,” said Derek Bock of Eurocape Holdings.

Eurocape and the Indian Hotels Company - Asia's largest hotel group – are investing R300 million in the development of the Taj Palace Hotel, a five-star luxury hotel on the corner of St George's Mall and Wale Street.

The hotel will form part of what is to be called the Cathedral Precinct, linking the Company's Gardens with St George's Mall and Greenmarket Square.

Jewel of the aisle

Vunani Properties, another major investor, is about to launch a destination Jewellery Mall off Greenmarket Square, aimed at tourists and local shoppers.

“The mall off Burg Street and Hout Street, will consist of a unique ‘one stop shop' of 30 jewellers, featuring local and international designs. It will house a mix of established retailers as well as provide an ‘incubator' for new jewellers,” said Rob Kane, director of Vunani Properties.

The group developed ‘The Decks', a R125 million mixed use development of 18 levels just off the Square, as well as the R60 million office redevelopment of 56 Shortmarket Street.

“Vunani also owns the majority of Wale Street Chambers on Church Street. Its investment in the CBD is over R230 million and this will increase with the acquisition of two new buildings for redevelopment,” said Kane.

The Cape Town Central Improvement District (CCID) has also come out in full support of the city's urban regeneration programme and initiatives to restore Greenmarket Square to its former glory.

“We back the city's regulation of the Greenmarket craft market so that it can become the ‘jewel in the crown' and an example of excellence that can be replicated across the Metropole," said Theodore Yach, Chairperson of the CCID.

Investors getting in line

According to Andrew Boraine, Chief Executive of the Cape Town Partnership, potential investors are standing in line to become part of the revitalisation of the Central City.

“Up to R30 billion worth of new private and public sector investments are being planned for the next three to five years in the city centre,” he said.

This is borne out by the latest Rode property survey which reports that rentals in the Cape Town CBD jumped by 20% during the second quarter of 2007, in contrast to most other central business districts with real rentals declining.

“Important retailers are now opting for Central City high street retail as opposed to the customary decentralised shopping malls. The growth of restaurants and coffee shops now total more than 200 in the city centre,” said Boraine.

The city recently doubled its financial contribution to the Cape Town Partnership to R18 million over the next three years.

Article published courtesy of BuaNews