Cape Town’s ZAR1.6 billion (US$114 million) Portside building is on schedule to become South Africa's first green tall building. The 32-story under-construction project is a joint initiative between Old Mutual and FirstRand Bank and will be Cape Town's tallest building upon completion in 2014.

"I'm very pleased to report that we now have all the final approvals in place, so it is full steam ahead," Brent Wiltshire of Old Mutual Property told local media.

Half of the 50,000 square meter building will house 2,000 employees from First Rand, FNB, RMB and Wesbank's provincial headquarters. The remaining 25,000 square meters of office space will be available for leasing.

Designers DHK and Louis Karol Architects included a waste management plan to recycle or reuse 70 percent of all construction waste. The façade of the building can be disassembled and rebuilt on another site should Portside ever be altered in the future. Portside will provide racks for 260 bicycles, as well as shower and locker facilities. Natural light and movement sensors will reduce electricity usage by 30 percent, according to the company.