R765m mega-hotel to be built in Polokwane
Polokwane will see a mega development in progress when the construction of a seven-storey skyscraper will start before the end of the municipality's financial year-end on June 30.
Hotel backed by international investors
During a media briefing at the new Peter Mokaba stadium last week, mayor John Mpe said investors from the UAE are behind the building of the hotel at the Green Ark Precinct opposite The Greenery Shopping Centre.
'As we grow, Polokwane continues to attract local and international investment… this project represents more than bricks and mortar – it means jobs, tourism and a significant boost to the local economy,' said Mpe.
Construction to start in two months
According to the mayor, construction on the development is expected to commence mid-May 2025.
'The first rounds of plans approval are almost complete and upon receipt thereof, the first phase of the development will continue in full swing. The first phase includes individual regional offices for three of South Africa's largest banks, as well as the underground basement parking. The second phase will include an international Hilton Hotel and a long-stay apartment block,' Mpe elaborated.
The mayor added that approximately 3 000 jobs will be created during construction, with an estimated 360 permanent jobs resulting from the final development and future businesses operating within the precinct.
Millions pumped into local economy
According to Mpe, the investment amount pledged to the precinct is R765m based on the current signed deals. This figure is expected to increase significantly as further negotiations with prospective tenants and partners are concluded.
To date, the developer, Networth Group, has already spent in excess of R72.2m on key elements such as rezoning, bulk infrastructure upgrades and professional and legal fees related to the development, according to Mpe.
Once the development is fully operational, it is estimated to increase the city's tax and revenue base by R9.9m per annum, of which R5.2m will be generated from the hotel component alone.
'This not only boosts the city's economic footprint but also strengthens the financial foundation required to deliver quality services to residents and businesses,' Mpe said.
He confirmed that a prestigious sod-turning ceremony will be held to commemorate the official ground breaking of this landmark development.
Preparations are underway to host the event at the end of May and the municipality looks forward to sharing this momentous occasion with its stakeholders and key partners, he said.
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