A public-private partnership between eThekwini municipality and property developers Moreland Development could create another R10bn commercial and residential centre in Umhlanga, north of Durban.
In the past 10 years Moreland, the property arm of listed group Tongaat-Hulett, has released land previously used to grow sugar cane for commercial, industrial and residential development.
The move has created SA’s fastest-growing property sector, pumping more than R10bn into the local economy.
In relocating businesses from the traditional central business district of Durban, the Umhlanga developments have created job opportunities north of the city to balance the industrial and petrochemical hub to the south.
The initiative, called Cornurbia, unveiled on Thursday, will straddle the last few kilometres of the new provincial and metropolitan road that links Pinetown to the west with Durban’s northern suburbs.
eThekwini mayor Obed Mlaba said the development would result in about 20000 new housing units across all income levels, which would go a long way to addressing some of the municipality’s housing backlogs in the area.
The development of business and industrial parks as well as social services such as schools and clinics ensure a holistic approach to the project. Ten years ago the municipality rejuvenated the Cato Manor settlements to the west of the city, investing substantially in new housing projects, schools, clinics and business opportunities.
Mlaba said the project, expected to take five years, would be modelled on the Cato Manor initiative.
Moreland commercial and industrial director Mike Deighton said the project was an integrated development proposal that "tied the urban knot" between the surrounding communities and created opportunities for housing across all affordability levels.
"A large and strategically vital piece of the urban jigsaw, Cornubia will offer opportunities for business parks, sustainable housing aimed at a broad cross-section of markets.
"It creates links and economic opportunities for the region," Deighton said.
