The transformation of the Buffalo City Urban Development Zone (UDZ) has received a major boost following the Buffalo City Development Agency's (BCDA) announcement of the winners of the bid to buy and develop property on the East London beachfront.
The bid, which is worth about R600-million, was approved by the City council last week and was announced at a breakfast in East London on Monday, 25 June. Executive Mayor Zintle Peter, municipal manager Gaster Sharpley, BCDA board members and a representative from the Industrial Development Corporation, attended the business gathering.
Speaking at the breakfast, the BCDA board chairperson, Andrew Hendricks, said that there was strong competition during the bidding process but the agency was convinced the eventual winners would make use of the opportunity given to them.
"We do have other land that is earmarked for future development, so we need to keep the momentum going and keep up the buzz around the country. This is truly a success story for Buffalo City."
Land that was earmarked for development included the Seaview Terrace and the Courtyard Crescent.
Nash Mayekiso, the chairperson of Nepad Consortium, the winning bidders, said that he was confident that his group would work closely with the BCDA and the municipality to ensure that deadlines were met.
"I know that the executive mayor is serious about development in the city and we will not let her down. I really hope that the municipality will support us as we continue to develop the Marina Glen area," he said.
Peter said that the announcement heralded a moment of truth in the city. "It is a moment of truth because it proves that when we say we intend to do something, and set out with determination in place [along with] the structures necessary to give effect to our vision and our aspirations, then we mean business."
It was a tangible symbol of hope and optimism that the city’s economic future would be different from its past, she said, adding that the development was also in line with the City’s 20-year economic growth plan, the City Development Strategy.
"As I said, it is a very significant step, but we know it is only the first step of a number that will be taken over the next few years that we believe will transform the face of our urban development zone into something that is hardly recognisable from what it is today."
Some of the developments earmarked for Marina Glen include a hotel, flats and a shopping complex.
Source: buffalocity.gov.za
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