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Wednesday Feb 19, 2014

Cape Town okays sale of foreshore building rights

Cape Town's mayoral committee has supported the sale of building rights for R14.4 million to the owners of the Standard Bank Centre on Hertzog Boulevard for the construction of above-street level parking decks and a restaurant in the building.

The sale of the rights is referred to as 'air rights' since the extensions will be to the upper floors.

Yesterday, mayco approved an application by Redefine Properties, owners of the Standard Bank Centre, to buy building rights to do extensions between the two towers.

The plan is to build parking decks that will extend over the public space at street level, and a restaurant on the ground floor.

Councillor Demetri Qually said the council should support the application as the upgrades would re-energise the 'sterile' walkway between the Civic Centre and the Standard Bank building which is well used.

The building rights cover eight floors and allowthe property group to develop for up to 4 136m2 .

The Standard Bank Centre will also get an upgrade to its fa├žade with re-cladding in glass and aluminium.

Qually said the upgrade would enhance the use of the area with the proposed restaurant and other shop fronts at ground level.

'It will revive the area and I am keen to see something similar happen on the Civic Centre side near the MyCiTi station. It obviously depends on the budget but the area lends itself to small business opportunities,' he said.

The final approval for the sale of the building rights will go to council next week.

Cape Times


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