R35bn Development for Lanseria Airport
The information in this article is courtesy of Fin24 (Lanseria to get R35bn 'city' – 18 February 2009)
Lanseria International Airport will be the address of a massive mixed-use precinct said to be three times the size of the Sandton central business district.
Known only as the Cradle City, this project will comprise about 10 million m² of development bulk which will be worth an estimated R35bn when completed – the biggest single property development for Gauteng.
Developers Amari Land says that the idea is to create a complete city centre around Lanseria, which will embrace new urban design principles by integrating living, working, playing, trade and travel.
Markus Kaps, development director, says the project enjoys “the highest level of provincial and local government support”.
Developement of the first phase, including 450 000m² of business park combining industrial, office, retail and hotel components, is set to start in May 2009. The second phase will be a mixed-use area, including medium- and high-density houses as well as commercial and rental opportunities.
The total project, including all its 6 phases, is set to be rolled out over seven years.
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