The development is on a site on Tyrwhitt Mall and Cradock Avenue, bordered by the Park Hyatt Hotel and The Firs and The Zone@Rosebank shopping centres.
"The development is part of a phased precinct strategy by Old Mutual Property Group," says Brent Wiltshire, business development executive of the group. "It will also take advantage of the opportunities presented by having a Gautrain station as part of the offering. "
Pedestrian entrances to the underground Gautrain station for Rosebank will be located at Tyrwhitt Mall and in front of The Zone building on Oxford Road.
Wiltshire says a 114-unit residential tower block on the north-western side of the site is being planned for a future phase of the development.
"The construction of the Gautrain Rosebank station, the upgrade of The Firs by Investec and the proposed redevelopment of The Galleria by the Catalyst group all indicate the time is right for this project. Our intention is to upgrade the area in conjunction with Investec and Catalyst and to encourage pedestrian flow, creating an urban precinct that triggers uplifting of Rosebank in general. "
Wiltshire says the design for the development extends the retail flavour of The Zone and offers something special in the form of a luxury boutique hotel. The hotel, to be leased by LEH, a newly established group, will integrate with the retail component through sharing of common areas and basement parking.
"The upmarket residential apartments in a future phase will complement the existing apartment blocks in the area. They will help cater for the anticipated change in Rosebank as a result of the introduction of the Gautrain station in Oxford Road.
"The aim is to create a lifestyle centre that satisfies a combination of living requirements and complements nearby developments. The ground floor retail area will offer homeware, fashion and restaurants opening onto a courtyard. The first floor will allow for restaurants and extend the fashion mix in The Zone."
Debbie Caplin, the project leader for Old Mutual Property Group, says the loft office units above the retail area will offer an upmarket studio environment and will be targeted at professional practices and clothing designers.
Five buildings owned by Old Mutual in Rosebank, Johannesburg, are being demolished for the development. Tenants have been given notice to vacate Admirals Court, Rosebank Boulevard, Oxford Corner, Knightsbridge and the former Fournos Bakery building.
The demolitions will follow a R20.6 million refurbishment at The Zone @ Rosebank. A key part of the work is a reconfigured entrance to the underground parking from Oxford Road to allow for two entry lanes instead of one, and improve access into the parking garage in the face of Oxford Road closure and diversions as a result of the Gautrain-related work.
Caplin says the development will be phased.
"It is hoped to complete construction of the basement parking in the second half of 2008, and of the retail and loft offices in mid-2009. The hotel is scheduled for completion in April 2010."
