Carnival City lifestyle estate development to start
The developers hope to have occupation by December 2024.
Carnival City, in partnership with Tri-Star Construction, LivRES development and Harcourts Real Estate, launched the first stage of development of a lifestyle estate on April 25.
When complete, the development will encompass 50ha of land to the west of Carnival City. They estimate it will cost R2.5b over the next five to seven years of building.
The estate will include five residential areas, a central park, a lifestyle centre and farmers’ market, a school district and a business district.
The first phase of development is the residential area, adjacent to Carnival City, called The East Village.
The 30 affordable residential units will offer one and two-bedroom apartment units. Each three-story block will be positioned to offer privacy in a fully landscaped setting with green walkways and ample parking spaces. LYT Architects have designed each unit.
The developers anticipate that construction of the first units will begin by April 2024, with the first apartments ready for occupation by December 2024.
The residences will have solar backup power and battery systems. In the case of load-shedding, it will provide up to four hours of power.
Alan Dinnie, the development director from LivRES, informed attendees at the launch, the units will qualify for government subsidies.
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Tim White, the development and project manager, said, “This development is to allow low-income people to live in a lifestyle estate with the same amenities as high-income lifestyle estates.
“We are adding to what’s already here. The school district is an opportunity for affordable private school education. Most private schools in the area are full.”
Anthony Leeming, the CEO of Sun International, said he was thrilled to partner with Tri-Star developers. He said,
“The LivRES development will bring security and new life to the area. This will put Carnival on the map again.
“Sun International purchased the land over 20 years ago because the location was perfect for a casino, even though the parcel of land was larger than needed. Over the years, we have weighed up many options for the unused part of the property, including selling it off.”
Though we do not value the land much, Sun International hopes that in five to seven years, the development of the land will bring profits. Sun International is contributing the land as equity to the development.
Annemie Turk, Carnival City’s general manager said, “Very little of what you see around you was here when we opened. Not even the nearby mall existed back then. Carnival City was a catalyst for development in this area.
“Over time, there has been growing market demand for a fully integrated community lifestyle experience. This is backed up by our own research, which indicates the area will benefit from a new mixed-use estate. This influenced our decision to enter into a partnership with LivRES Property Developers.”
They formed the Carnival East Village Property Company to work in partnership with LivRES to manage the development and the estate.
When complete, the development will hold 3 000 new homes developed in separate villages across the property.
Each distinctive village will offer either apartments or freestanding homes in the East Village, West Village, Greenwich Village, Upper Westside and Upper Eastside.
