The role of mixed-use precincts in urban renewal
Mixed-use precincts are growing in popularity across the globe. And it’s not surprising given that they’re all about creating spaces where residents are able to live, work and play. But it doesn’t end there. These ground-breaking developments also have plenty to offer the cities they’re located in, starting with…
Mixed-use developments like Harbour Arch breathe life back into sections of the city that have lain dormant or lost their appeal over time by creating a destination – one that includes residential, commercial, retail and hospitality facets – for locals and visitors to the city.
An excellent example of a mixed-use precinct that is already having a positive impact on a previously disused area, is that of Battersea Power Station on the River Thames. The power station itself, which was decommissioned in 1983 and has been carefully redesigned as an apartment block, lies at the heart of this 17-hectare development that will ultimately include thousands of homes, a thriving hub featuring upmarket bars and eateries and popular retailers, and green spaces.
Just as the Battersea Power Station Development is bringing a previously neglected area of London back to life, so Harbour Arch will do the same for the East City precinct of Cape Town by creating an appealing destination where locals and visitors alike are able to live, shop, work and relax.
Mixed-use precincts like Harbour Arch, Melrose Arch and Battersea Power Station not only enhance an area through their carefully considered design and aesthetic appeal, but also through the addition of green spaces which add beauty and provide many benefits for residents and visitors. Green spaces provide open areas in the concrete jungle where people can meet up with friends and family to relax and recharge, encourage physical activities for adults and children like running, walking, cycling and playing, inspire creativity, and more. In the case of Harbour Arch, these spaces will include an urban park and green pause areas.
Building investor confidence
Harbour Arch represents a significant R14 billion investment in Cape Town and will provide thousands of jobs in the city both during and post construction – 18000 during the development phase and 5000 long-term positions via retailers and hospitality venues. Beyond these numbers, the precinct represents a compelling vote of confidence in the city and its future. Developing an area of this size makes a bold statement about the value of the city for those looking to buy property as well as those considering opening a business within its borders.
Boosting the local economy
Mixed-use precincts typically include a sizeable retail component which adds to the economy of the local area. And interestingly, the walkability that this type of development promotes, amplifies the increase in economic activity as this article explains: “Mixed-use, public transit-friendly neighborhoods benefit local economies. They save individuals money on transportation by reducing the length and number of everyday trips and eliminating the need for car ownership. Mixed-use development also supports local businesses by increasing foot traffic. Transport for London found that pedestrians spend up to 60 percent more money at businesses each month than those traveling by car, while spending less on transportation.”
Keen to invest in the Cape Town CBD?
If you love the idea of inner city living with quick and easy access to everything Cape Town has to offer, chat to one of our sales consultants today about Harbour Arch. Epitomising the principles of new urban living, this mixed-use precinct will, on completion, offer residents the opportunity to live, work and play, in a safe, convenient, enjoyable and sustainable community-focused environment. For more information, contact us on 087 809 0000 or click below