Talented Wits students to benefit from land development
- Wits University
Proceeds from the initial R200 million sale of the Frankenwald Estate to be put into an endowment to benefit future generations.
Wits University announced today, 18 September 2024, the transfer of the Frankenwald Estate in Gauteng, from the University, to the Bankenveld District City Development Company. This concludes a process initiated in February 2019 when the University agreed to sell the land to a property consortium comprising of the Eris Property Group and CalgroM3 Property Developers.
All proceeds from the sale of the land and the future sale of residential and commercial sites will be placed into a special endowment fund. The future proceeds will be used to support the academic project, including talented students who qualify to study at Wits and who may not have the financial means to register.
“The future proceeds from these funds will go a long way towards reimagining the university of the future where we can address some of the key opportunities and challenges of the 21st Century including research and innovation in artificial intelligence and quantum computing; climate change and inequality; healthcare and health tech, governance and society, and the future of work and the economy. It will also enable the establishment of a substantial student endowment,” says Prof. Zeblon Vilakazi, Vice-Chancellor and Principal of Wits University. “This has been a long process, with many hurdles, but we are grateful that the academy and students will benefit from this project. This mixed-use development will also contribute to the educational and socioeconomic advancement of Gauteng, including affordable housing and a vibrant wetland district.”
Affordable housing, job creation, and enterprise growth
The land will be developed as a mixed-use project comprising of affordable housing, residential, commercial, light industrial, and educational opportunities. It is intended that these developments will provide homes and jobs particularly for people from surrounding areas.
“We have engaged in the feasibility and planning of the development and acquiring the necessary approvals over the past five years, which has resulted in approved rights for a neighbourhood with up to 20 000 homes for around 80 000 people, together with commercial, industrial and office space, educational facilities and green open spaces, explains Mr Wikus Lategan, the CEO of Calgro M3. “Approximately 66% of the homes will benefit low- and middle-income families. The plans also provide for educational facilities for up to 8 000 learners, healthcare facilities, 30 000m2 of retail shopping space and 240 000m2 of industrial space. There is 95 000m2 of green, open and recreational space, much of it following the Jukskei River which is an integral part of the development.” It is expected to break ground within the next six months.
Calgro M3 and Eris will share the cost of infrastructure installation whereafter Calgro M3 will be responsible for the residential components of the development, while Eris will handle the commercial, retail, industrial, educational and healthcare components for their own benefit.
“With the project's scale and potential impact, the Bankenveld District City is set to become a flagship development that not only meets the urgent need for affordable housing but also drives economic growth and social integration. It is designed to be a nexus of job creation, skills development, and enterprise growth. The development will feature approximately 450 000m² of office, retail, commercial, educational, healthcare, and special-use facilities,” adds the CEO of Eris, Mr Barend de Loor.
This mega development intends to uplift the people of Johannesburg, to advance Gauteng, and to impact on South Africa, and our economy, for good.