The City of Cape Town’s (CoCT’s) Mayoral Committee (Mayco) has greenlit a public participation process to release prime property in Green Point for mixed-use development, including affordable housing and commercial opportunities.

The property is situated at 1 Three Anchor Bay road, Green Point, and is close to the Atlantic Seaboard, the central business district, the Sea Point Promenade, Cape Town Stadium, a MyCiTi station, and the V&A Waterfront.

Mayor Geordin Hill-Lewis says the city envisages a mixed-used development to help drive economic and socioeconomic benefits, while increasing affordable housing in the area, which has seen steeply rising property prices.

He says the city intends to retain existing community amenities on the property, such as the Sea Point Library and civic hall, with the land release process set to identify parts of the site that may need to remain in public ownership.

“We are proud to kick-start the land release process for yet another property to drive economic growth and inclusive development, including well-located affordable housing.

“This Green Point site represents some of the highest value land in the southern hemisphere, with an estimated desktop market value of R680-million.

“This is a long-term development that will bring major economic and social benefits to Cape Town.”

Aside from the library and civic hall, other current uses of the property include privately operated sports grounds and clubhouses, public parking, an electrical substation, and vacant land that is used periodically as an informal market.

The city says there are four active leases in place on the site that will be considered based on the outcome of specialist studies.

All existing rights to the site are due to expire by September next year.

A heritage impact assessment will be required as part of the process, and a socioeconomic and market demand analysis will be undertaken to inform the land-use mix and residential affordability options for the development.

“This is a long-term project, and the road ahead will include detailed studies into the best development plan for the site that resonates with the market, while advancing the city’s socioeconomic objectives,” says CoCT Economic Growth MMC James Vos.

“Development rights will be offered to the market through an open and competitive process.

“The city is seeking to realise the full market value of the land and expects to raise significant revenue from the land sale, as well as future rates contributions from the development, for reinvestment in service delivery and infrastructure upgrades throughout the metro.”