R4bn Plettenberg Bay Waterfront Mixed Use Development given thumbs up

Posted On Thursday, 25 April 2013 17:21 Published by Commercial Property News
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The R4 billion mixed-use development will comprise a number of elements, including a yacht club, retail stores, office space, a 100-room 5-star hotel, 3-7 storey buildings providing 482 apartments and 17 bungalows along the beach.

Plettenberg Bay WaterfrontAn independent scoping report has given the proposed Plettenberg Bay Waterfront project the thumbs up.

Environmental Assessment
Western Cape Marina Investments – the developer behind the proposal – has employed Mike Cohen, a Port Elizabeth-based Environmental Assessment Practitioner, to compile a report on the potential impact that the development might have on the Plettenberg Bay community. "The economic impact assessment evaluated the balance between financial benefits and costs, and found that although the achieving of profits for some can come at an unacceptable cost to wider society, the overall balance is in favour of the small-boat harbour and marina project," said Mike.

Plettenberg Bay Waterfront
The R4 billion mixed-use development will comprise a number of elements, including a yacht club, retail stores, office space, a 100-room 5-star hotel, 3-7 storey buildings providing 482 apartments and 17 bungalows along the beach.

But the Plettenberg Bay Waterfront does not have the support of everyone. Unsurprisingly, a number of local community members have stepped forward to raise their concerns over the plan. The first is an environmental lobby group, who claim that the development will destroy the natural estuary and the town's safest swimming beach, whilst construction activity could also kill the natural fauna and flora located in the area.

Others are concerned over potential job losses. While the project is expected to provide temporary jobs to construction workers and permanent jobs when the development is complete, there are worries that a number of businesses will be impacted due to a slump in tourism activity during the construction phase.

Summer tourism is vital to the Plettenberg Bay economy, with a notable drop during the winter period, thus a multi-year construction project in the town's most popular tourist area could drive tourists away during the summer months. Some question whether many local businesses can survive the potential loss of revenue for a few years in a row while the waterfront takes shape.

There are even objections over the potential for conflict between locals and foreign nationals if foreign nationals are employed during the construction phase.

Despite these concerns, the Plettenberg Bay Waterfront remains a long way off from the first spade hitting the ground. A concrete development plan will need to be presented to and approved by council, a formal environmental impact assessment will need to be conducted and there will of course need to be sufficient demand for the construction of additional office, hotel, retail and residential space in the town.

Regardless, the project does present some interesting possibilities for the often sleepy town and may just provide the boost it needs to become a thriving year-round destination.

 Source: Galetti

Last modified on Monday, 20 May 2013 10:51

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