A R3.9 billion expansion to the Canal District of Cape Town's V&A Waterfront has been signed off by the City's Executive Mayor Dan Plato.
The 10.5 hectare Canal District includes expansion projects on either side of Dock Road and surrounding the existing Battery Park Development. The district provides the first point of contact for visitors entering the V&A Waterfront from the city, creating a link to Dock Road in the Waterfront from the CBD.
The development will see a mixed-use development leading to the creation of at least 1 100 jobs during the construction phase, according to Plato.
"Following the recent approval of the R14 billion Harbour Arch Development and the R4 billion River Club development, which together will see roughly 40 000 jobs being created in Cape Town, the approval on Wednesday of the V&A Waterfront's Canal Precinct Plan, will see another significant boost to job creation for Cape Town," he said in a statement.
"With these major infrastructure developments and the huge job creation opportunities it delivers, it is clear that investors - both local and international - have confidence in doing business in our city and this will offer significant benefit to our residents."
Get the biggest business stories emailed to you every weekday.
Go to the Fin24 front page.