Multi-million rand beachfront promenade project takes off
The entire Point Waterfront project which is a public and private partnership venture is expected to create 11 000 jobs.
A sod turning ceremony was hosted by eThekwini Mayor Zandile Gumede yesterday, 27 March to welcome the multi-million rand beachfront promenade extension development.
The R300 million beachfront promenade extension is a catalyst to the R35 billion Point Waterfront development to be undertaken in three phases over five to 10 years.
The sod turning ceremony signalled the official commencement of the Beachfront promenade extension which is expected to be complete in June 2019. This promenade extension will unlock phase one of the Point Waterfront that will include hotels, a shopping centre, offices and residential premises.
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The entire Point Waterfront project which is a public and private partnership venture is expected to create 11 000 jobs during the construction phase per annum and provide an estimated 6,750 permanent jobs after completion.
Mayor Gumede said: “It is encouraging to note the growing interest from the business sector to work with government in major strategic investments.”
She said the Point Waterfront will completely change the landscape of Durban and position it as a global City and boost tourism profile. “Cities are viewed as critical economic nodes and as stable to attract investment.”
Furthermore, because of this development, the City is expecting that local existing property values in the area are likely to increase by approximately 10 per cent and the overall central business district property values are to rise by five per cent.
Also, upon completion, rates revenue to be generated for eThekwini will amount to over R200 million per annum.
“The Point Waterfront development must be seen in the context of a city-wide development process, indicating that Durban is on the brink of change,” said Mayor Gumede.
She further mentioned that the overall national public revenues that may be derived from the revised development through the various tax mechanisms could amount to an additional R1.7 billion.
“We are also anticipating that this economic activity will generate billions of Rands in the gross domestic product contribution,” she added.
“The beachfront promenade extension will not only support the Point Waterfront development but will also benefit beach-goers and general public,” he said.
