Cape Town is set to receive 418 affordable housing apartments, revitalising a long-dormant site in the bustling city centre.
The project, positioned at 23 Lower Long Street, is slated for completion by the end of 2026 and signals a significant commitment to addressing the ongoing housing crisis in urban South Africa.
This ambitious mixed-use development will stand 12 storeys high, combining rental-only apartments with retail space on the ground floor, thereby enhancing the vitality and accessibility of the area.
The land, valued at approximately R69 million, was originally home to a Virgin Active gym before falling into disuse. This transformation represents a crucial step towards repurposing underutilised land and providing much-needed housing options for residents.
The project is a joint venture between Divercity Urban Property Group and Ingenuity, two prominent names in the Cape Town property landscape.
Ingenuity, known for its successful developments within the city, originally owned the land, and its collaboration with Divercity, which is also making strides with the Herringbone development in Salt River, showcases a proactive approach to urban regeneration, as first reported by property broker Ash Muller.
Jonathan Kantey of Kantey Commercial was instrumental in finalising the land deal, further solidifying a partnership dedicated to enhancing the urban environment.
With a growing population seeking affordable living solutions amidst soaring property prices, this development aims to provide a valuable resource for individuals and families looking for homes in the heart of the city.
The new apartments promise to offer a blend of convenience and community, characteristic of urban living at its best. By incorporating retail space, the project not only addresses housing shortages but also supports local businesses and contributes to the economic pulse of the city centre.
Compiled by: Sibuliso Duba
First published by: Cape Town etc
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