Construction of Tallest Building in Cape Town, South Africa to Commence
South Africa is set to commence construction of soon to be the tallest skyscraper in Cape Town once it receives approval from the Reserve Bank.
The building dubbed Zero2one Tower has been in the spotlight since as far back as 2016 when the plans for the skyscraper were first unveiled by developers FWJK. The Tower initially faced delays in approvals which included stipulations that new developments include affordable housing—an incredibly difficult task in a city with some of the highest house and apartment prices in the country and funding hurdles.
FWJK CEO, David Williams-Jones has however announced that the development has secured funding through a foreign direct investment and therefore construction is set to commence in the next few months. He acknowledged that procuring funds locally proved a hill of a task.
“The development has secured funding through a foreign direct investment and therefore construction is set to commence in the next few months.”
“Once the South African Reserve Bank approves the foreign funding, we are going to start construction in about three to four months which will create 3,000 onsite and offsite jobs for the locals,” he added.
Zero2one Tower, at 44 stories, will comprise 570 apartments and 7,000 square meters (23,000 square feet) of retail shops on ground level and station concourse level built on the corners of Adderley and Strand street in Cape Town. The project is estimated to cost US$67 million.
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