Divercity Urban Property Fund has completed the first phase of the R1.8 billion Jewel City redevelopment which forms part of a two-year development programme.
A massive new extension of Maboneng, Jewel City will add a completely new dimension to the popular and vibrant area.
Renewing and re-energising local urban centres with a unique focus on inner-city precinct development, Divercity is backed by the experience of some of South Africa’s leading property investors and developers and its major shareholders and stakeholders are Atterbury Property Fund and Ithemba, with cornerstone investors RMH Property and Nedbank Property Partners.
The redevelopment has converted Jewel City into the heart of a thriving, modern neighbourhood. It connects to the landmark Arts on Main and it extends across six city blocks which have been closed for decades and previously houses Joburg’s precious metals and diamonds trade.
Including 2 700 apartments, the mixed-use Jewel City also features 20 000m2 of commercial space. Its retail space is fully let. In addition, it offers families a safe, amenity rich oasis in which to live, play and to enjoy the expansive lawns and play areas, schools, medical facilities, offices, recreation, and public art.
“The reaction to Jewel City has been phenomenal. People naturally gravitate to spaces that are safe, beautiful, and fundamentally good places to be. This is a great place that benefits from infrastructure and community, and we are thrilled that we were able to see its potential and redevelop this gem to make it a safe and wholesome for families, and full of amenities and job opportunities” comments Tebogo Mogashoa, Chairman of Divercity.
Carel Kleynhans, CEO of Divercity, adds: “We are very excited to share Jewel City. Seeing it now, it is difficult to believe that the biggest challenge we faced in its development was getting others to invest in Divercity’s vision to build quality precincts in the city and take a leap of faith with us. If anything, COVID-19 has proven the resilience of this asset class and has validated the business case for strategic urban rejuvenation and strengthened our conviction.”
“Jewel City in Maboneng is a blueprint for Divercity’s strategy of inner-city precinct development that combines commercial buildings with affordable residential space to create inclusive and diverse neighbourhoods, and we intend to complete more developments in the same fashion. Divercity invests in communities, we are here to stay, and Jewel City is just the beginning” comments Armond Boshoff, CEO of Atterbury South Africa.
Derrick Pautz, who heads Atterbury’s Gauteng development, confirms the overwhelmingly positive market response to Jewel City, which was well ahead of leasing projections before COVID-19 emerged in South Africa.
“The quality of the product – retail, residential and offices – is compelling and has been met with strong demand from tenants in all sectors. Much was invested in creating a place for people to enjoy, from transplanting 200 large established trees to providing public seating, an interactive fountain for children, public art and more. Jewel City sets a new benchmark for inner-city living and it is our hope that other property investors will join our efforts and embrace this approach.”
The fully-let retail space at Jewel City has attracted major brands including Shoprite, Clicks, Pep, Afrodite Hair and Salon, Roots Butchery and Grill, McDonalds, and Chicken Licken as well as a Capitec Bank branch, the primary healthcare of Jewel City Medical Centre and the fun of Five’s Futbol five-aside soccer fields.
Between all this is vibrant public space, an integral ingredient in any inclusive world-class ‘live, work, play’ precinct. It is also fully pedestrianised with a people-friendly walkway along Fox street. Its pedestrian walkways integrate it fully into the Maboneng precinct. Eight massive murals by local artists adorn the walls of each of the eight buildings that make up Jewel City.
Divercity’s assets now stand at over R3-billion. Divercity does not only invest in and develop exceptional precincts, it also manages them – both the buildings and the public spaces between them.
In the case of Jewel City, Divercity has worked closely with the City of Johannesburg regarding cleaning and security in the precinct and its surrounds. By collaborating with the city, Divercity’s leading urban management solutions can catalyse superbly managed urban areas for the city.
The official launch of Jewel City in Maboneng takes place on 24 September, Heritage Day, and will include everything that makes Maboneng great, with a safe celebration that embodies the sights, sounds and soul of this vibrant precinct, with a public programme of pop-up art, music, markets and more.
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