Hipster hangout Maboneng had a humble beginning at Fox Street’s Arts on Main in 2009. This inner-city suburb is the brainchild of property development group Propertuity, headed by Jonathan Liebmann. Propertuity’s main focus has been on the arts, which incorporates new developments such as the Work & Art Building and Maboneng’s flagship accommodation and hotel development, Hallmark House.
The renovation of this precinct has played a big role in the transformation of Johannesburg as a city. A decade ago, this section of Jeppestown was a dirty and dangerous place to be in. Now, it’s as if the sun has arisen anew on the City Of Gold to reveal this marvel of design, enterprise, and gentrification.
At the close of 2016, RMB Holdings swooped in and bought up almost a third of Propertuity (25.01% to be exact). RMB’s stake in this property company comes as its first venture into specialist portfolios that will focus on niche areas of the property sector. With this, the developers realised their vision for the Maboneng Precinct, which they aim to reach by 2020:
“The current Maboneng footprint is so large that some argue it may be the world’s largest privately led regeneration project by size. The scale is such that the growth can amount to a neighbourhood of over 20 000 residents by 2020. This neighbourhood will include people living in buildings that Propertuity does not own but fall within the geography of the broader Maboneng area.”
Propertuity will continue to steer Maboneng but can’t control ownership nor all operations of the public space – all they can do is try to influence it.
So, what does the expansion entail? The finishing of 6 developments, namely the much-anticipated mix-use space, Evolution House. Propertuity also owns developments in Durban and is currently setting its sights on the Pretoria CBD.
By Shawn Greyling
Have you seen any new developments around Maboneng lately? Let us know what you think of this in the comments section below. A journalist worked hard to write this for you, so show your love by sharing this article on social media.