Virginia Airport Redevelopment
The redevelopment of Virginia Airport entails a mixed-use precinct envisaged to be anchored by high-end residential units, tourism and leisure elements.
The 26.25 hectares of land is owned by eThekwini municipality and is currently zoned as airport. Between 2012-2019, the City resolved to undertake various feasibility studies to investigate alternative and optimal use of the site to advance the economic development aspirations of the City which concluded that the site was no longer suitable to be utilized as an airport for a variety of reasons, the vision of the municipality is to redevelop Virginia Airport into a financially viable mixed-use node.
The most important ingredient of this development is the private sector and hence in order to materialize this development, the project must be privately funded to be a financially viable and sustainable venture.
Economic sectors
Mixed use development envisaged to consist of high-end residential, luxurious tourism and leisure precinct.
Investment value
- Estimated: R10-billion
Sources of funding
- Private Developer and eThekwini Municipality
Funding gap
- TBD once the developer is appointed
Incentives available
- Economic Development Incentive Policy 2022/23- Inner City
No. of jobs to be created (Direct/Indirect) & Empowerment (Women, Youth, People with Disabilities)
- Construction Jobs: 51 500
- Operations Jobs: 20 000
Project Status¹
Pre-Implementation:
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- Real Estate has completed with statutory processes for Land Release.
- A Transactional Advisor has been appointed through GTAC to assist with the review of existing information, finalise the EOI and RFP tender document and provide procurement advice on the PPP approach as well as finalizing of the appointment of the Developer.
- Current Status – EOI – awaiting BSC meeting.
Regulatory requirements of the project
- EIA, SPLUMA and Building Plan Application
Partnerships
- Private Sector and eThekwini Municipality
Opportunities
- Private investment opportunities
Contact the project team:
Potential investors / property developers interested in this project are encouraged to contact the project team with a brief introduction:
¹ At time of publication (2024). For further updates, please contact the project team.
² Photo by Peter Christener, CC BY-SA 2.0 <https://creativecommons.org/licenses/by-sa/2.0>, via Wikimedia Commons. Image: https://commons.wikimedia.org/w/index.php?curid=67780085
