Redefine completes R533m makeover in CT | Fin24

Redefine completes R533m makeover in CT

Dec 08 2015 16:29
Carin Smith

Cape Town - Redefine Properties has completed its R533m redevelopment of the historic The Towers building - formerly known as the Standard Bank Building - on the Foreshore in Cape Town.

The Cape Town Central City Improvement District has put the value of investment in property in the Cape Town CBD over the past decade at R26bn. The “green-over” of The Towers is one of several developments expected to push investments in the CBD to over R30bn by 2020.

Redefine has linked the ground floor lobby on the North Tower to the South Tower via an integrated walkway that allows new retail tenants to access the public atrium. This creates a dynamic pedestrian space between the Civic Centre and Hertzog Boulevard Square.
Apart from Standard Bank of South Africa, tenants include Fairbridges Wertheim Becker Attorneys, three embassies and a Food Lover’s Eatery.

The upgrade, which started in February 2013 after five years of planning, includes an additional 13-floor parking area as well as the two new glass towers and landscaped public atrium.

Among the green features are a flush glazed system on the external façade that will reduce cooling demand by approximately 30% along with energy-efficient lighting in public spaces. Redefine is also investigating photovoltaic panels for the tower roofs.

“Redefine Properties has redeveloped a well-located, under-parked, historical building and upgraded a formerly under-utilised public space to add significant value to this part of the city,” said Andrew Konig, CEO of Redefine Properties.

Other significant projects near The Towers include the expansion of the Cape Town International Convention Centre (CTICC) and construction of the new Christiaan Barnard Memorial Hospital.

redefine  |  cape town  |  retail  |  property


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