A NEW "suburb", nestled between Fairview and Lorraine and covering 60ha, is being developed in Port Elizabeth.
The mini-suburb will consist of a church, hospital, several residential complexes, free-standing homes as well as a retirement village and is being developed by the original land owners, Cape Development Company (Cape Co).
Cape Co operations director Marc Crocker said the company was focusing on completing a 58-unit apartment complex, Pine Creek Village, which would form the entrance to the new suburb. Crocker said it was aimed at the entry-level property market and ideally situated close to schools, shops and a gym.
"The hospital site was sold and they had broken ground. The majority of the freehold plots have been sold to other developers.
"We have a portion earmarked for a retirement village of 300 units for behind the hospital site.
"We are also rezoning the remainder of the land for residential development," Crocker said.
Some road upgrades include Circular Drive, which is being widened in front of the proposed 120-bed private hospital development, as well as Pine Road – the entrance road to the new development.
"We will cover the cost of the upgrade of Pine Road. The first phase of Pine Creek Village is sold out and we have also completed free-standing homes, which we call Pine Row. We are looking for investors to co-develop the retirement village and are hoping to start with the retirement village in 2015 or 2016," Crocker said.
Cape Co bought the 60ha of land from Wonderwonings about seven years ago but the Bay office only opened three years ago.
Cape Co, which has five Belgian shareholders, is also planning to develop another piece of land they own between Heatherbank and Lorraine. Ascott Estate will be residential units for the higher-end market interested in country living.