The City is doing all it can to boost the economy of Atlantis, including the release of unused land to the market, investment incentives, and plans to declare the area a Special Economic Zone. Read more below:
The City of Cape Town’s Council last month approved the sale of 29 City-owned properties in Atlantis. The release of these large open tracts of commercial property to the market and the recent commercial investment of over R1 billion are catalysts for much-needed economic growth in the region.
‘Additionally, we are working to have Atlantis declared a Special Economic Zone (SEZ), with a particular focus on green technology manufacturing. I am pleased to say that the target date for the official designation of SEZ is set for the last quarter of this year. Once the area is declared a SEZ, it will further increase the attractiveness of Atlantis as a place to invest in green technology manufacturing as green technology investors will receive even more benefits, such as a 15% tax break,’ said the City’s Mayoral Committee Member for Area North, Councillor Suzette Little.
One of the City’s strategic priorities over the next five years is to position Cape Town as a forward-looking globally competitive business city. In order for us to achieve and maintain this status, we need to improve the attractiveness of our city as an investment destination.‘We are on the right path with the abovementioned basket of initiatives where Atlantis is concerned. There is huge potential in this region due to the large tracts of industrial land, a large labour pool, and its strategic location along transport networks. The City’s Organisational Development and Transformation Plan seeks to recognise and leverage such opportunities to transform the lives of our residents from all across the city by creating the opportunities for everyone to be included in the economy,’ said Councillor Little.
According to the results of an industrial survey (February 2016) conducted by the City’s Enterprise Development team, the following sectors dominate the economic activity in Atlantis Industria:
· Manufacturing sector: 57%
· Wholesale and retail sector: 15%
· Financial intermediation, insurance, real-estate and business services sector: 11%
· Community, social and personal services sector: 7%
· Construction sector: 4%
· Transport, storage and communication sector: 4%
· Electricity, gas and water sector: 2%
The results of the survey also revealed that there were 174 LIS keys (individual land parcels) identified in the Atlantis industrial area. One quarter (25%) of these LIS keys are not economically active as they are either occupied by vacant buildings or the land is vacant.
‘The sale of the earmarked land that is zoned general industrial will help to fast-track economic growth and open up further economic opportunities in Atlantis. The City may only dispose of land after it has determined that the asset is no longer required for the provision of basic municipal purposes and has considered the fair market value of the asset. In this instance, it is clear that releasing this land to the market presents huge economic and community value in exchange for the asset. We are certain that this will help to attract more investment in Atlantis to transform the area and the lives of local residents,’ said the City’s Mayoral Committee Member for Assets and Facilities Management, Councillor Stuart Diamond.
‘The recent R1,3 billion investment by PEGAS NONWOVENS drives a stake firmly in the ground and validates our assertion that Atlantis is open for business. As the City, we feel a great sense of gratitude and elation at this recent investment in the region that will create at least 200 direct jobs. All indications are that Atlantis is en route to revitalisation,’ added Councillor Little.