The original artist and hipster hangout, Maboneng, had humble beginnings at Fox Street’s Arts on Main in 2009. Soon it evolved into an inner-city suburb, the brainchild of property development group Propertuity. Their projects include the Work + Art Building, which, as the name suggests, is a workspace combined with an art showcase, and Maboneng’s flagship accommodation and hotel development, Hallmark House.
The renovation of this precinct has played a significant role in the transformation of Johannesburg. A decade ago, this section of Jeppestown was a dirty and dangerous place, but now, it’s as if the sun has risen anew on the City of Gold to reveal this marvel of design, enterprise and regeneration.
In June 2016, RMB Holdings swooped in and bought a third of Propertuity. RMB’s stake in this company was its first venture into specialist portfolios that focus on niche areas of the property sector. With this, the developers realised their vision for the Maboneng Precinct, which they aim to reach by 2020. They have said:
“The current Maboneng footprint is so large that some argue it may be the world’s largest privately led regeneration project by size. The scale is such that the growth can amount to a neighbourhood of over 20 000 residents by 2020. This neighbourhood will include people living in buildings that Propertuity does not own but fall within the geography of the broader Maboneng area.”
Propertuity will continue to steer Maboneng but can’t control ownership nor all the operations of the public space – all they can do is try to influence it.
So, what does the expansion entail? Finishing six developments, including the much-anticipated, mix-use space, Evolution House. Propertuity also owns developments in Durban and is currently setting its sights on the Pretoria CBD.
By Shawn Greyling
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