On 31 August, eThekwini Municipality Mayor Councillor Cyril Xaba visited the site, accompanied by Fundamentum CEO Carlos Correia, the developer, and the municipality’s senior management team, led by Chief Operations Officer Thando Mkhize.
During the visit, the Mayor was briefed on the substantial progress made on the first phase of the development, which includes retail stores by world-renowned retailer Leroy Merlin. The R220-million investment by Leroy Merlin is expected to be completed in December, with the stores scheduled to open to the public on 16 December this year.
The next phases of the development will include the construction of the Emeris Campus, which will accommodate approximately 8 000 students and commercial properties.
Mayor Xaba commended Fundamentum for its continued commitment to investing in eThekwini. The company already has assets worth more than R8-billion in the municipality, including Westown Square in Shongweni, Bridge City Mall in KwaMashu and Midway Crossing Mall in Newlands West.
“We are excited that the investment being driven by Fundamentum in the Cornubia Business Park is a strong demonstration of private-sector confidence in our city and in the future of Cornubia,” said Mayor Xaba.
The current and planned investments in the Cornubia precinct alone exceed R2.1-billion.
To date, approximately 300 construction jobs have been created, with a further 100 permanent jobs expected upon completion of the first phase. With the commencement of the second phase next year, close to 2 000 sustainable jobs are expected to be created.
“These investments are significant not only because of their financial value, but because of what they represent for our economy. They mean construction activity, employment opportunities, new businesses and, ultimately, greater opportunities for the people of eThekwini. This is precisely the type of investment-led development that we want to encourage across our city,” said Mayor Xaba.
He added that approximately R500-million has already been committed to infrastructure in the precinct and the Leroy Merlin development.
The Mayor said the development demonstrates the importance of collaboration between the public and private sectors in unlocking economic opportunities and supporting sustainable growth in eThekwini.
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