The Foreshore has emerged as a dominant development node in Cape Town, according to Cape Town Central City Improvement District (CCID).
The development of the Foreshore over the past two decades has been spearheaded by the opening of the world-class conference and events venue, the Cape Town International Convention Centre (CTICC), which celebrated its 20th anniversary in 2023.
Since the opening of CTICC 1 – and the R832-million expansion of CTICC 2 which added 10 000m² to the multi-dimensional space – Africa's leading convention centre has contributed R60 billion to the national Gross Domestic Product (GDP) and R51.5bn to the Western Cape Gross Geographic Product (GGP), with more than 9.5 million visitors passing through its doors.
In 2019 alone, three new hotels opened their doors in the Cape Town Central City, including the R100m Gorgeous George, the R75m Labotessa in the East City and the R210m Signature Lux Foreshore, adding nearly 200 rooms to the city centre's hotel pool.
In 2020, the Foreshore saw the opening of WINK Foreshore (R75m), followed in 2021 by Hotel Sky (R400m) and aparthotel The Rockefeller (R500m). In 2022, the commercial landmark “Standard Bank building” on Thibault Square was developed into a part-commercial, part-residential building (R500m) with One Thibault Residence aparthotel and WINK Foreshore.
Today the Foreshore has 19 hotel and backpacker establishments, including some of Cape Town's top five- and four-star hotels.
The cream of the crop include Southern Sun The Cullinan, Pullman Cape Town City Centre, The Westin Cape Town, Southern Sun Waterfront, The Rockefeller, and Hotel Sky.
The Foreshore is also developing into a prime residential node, which many buildings bringing in AirBnB revenue.
Of the 79 residential buildings in the CBD, 16% are in this precinct, including 16 on Bree, one of the CBD largest residential buildings, completed in 2021 at a cost of R860m.
One of the two Western Cape government developments aimed at addressing the need for affordable accommodation is located on the Foreshore, namely the proposed development, Founders Garden, earmarked for land close to Artscape Theatre Centre.
It is also home to the new Netcare Christiaan Barnard Memorial Hospital.