Ingenuity Property Investments has announced a partnership with Kasada Capital Management marking the start of a joint venture to transform and reimagine the iconic City Park building in Cape Town – a landmark made famous for previously housing the renowned Christian Barnard Memorial Hospital.
Situated in the CBD, City Park occupies a prime location surrounded by Bree, Loop, Longmarket, and Church Streets and the redevelopment project envisages a vibrant mixed-use scheme that includes a 122-key lifestyle hotel, 40 to 60 branded residences for sale on a sectional title basis, 8 000m2 of Prime Grade office space, 3 500m2 of retail space, three restaurants, a co-working facility, and over 1 000 parking bays.
The hotel, a focal point of the redevelopment, will be Kasada’s third hotel in Cape Town with the prime office component of the development, situated over levels 8 to 10 of the building, offering unparalleled views of the city with access to a unique offering of onsite facilities. Large terraces and internal courtyards will provide a space that’s interactive where its users can enjoy all what the building has on offer.
“This partnership marks a significant milestone in our commitment to reshaping the inner city and commerce in Cape Town,” stated Arnold Maresky, CEO of Ingenuity Property Investments. “We are incredibly excited about this redevelopment project with Kasada. It underpins our dedication to creating vibrant spaces that resonate with the essence of the city while fostering economic prosperity and community enrichment.”
“Kasada looks forward to bringing our expertise and deep hospitality redevelopment experience to this landmark building alongside Ingenuity. We aim to create an exceptional lifestyle property for business and leisure guests, and an unmissable destination for the local community that will help to further revitalise this popular part of Cape Town’s CDB,” added Olivier Granet, Managing Partner, and CEO of Kasada, and David Damiba, Managing Partner, and CIO of Kasada.
The mixed-use development’s completion is scheduled for the Q4 2025.
