WORDS Cheri Morris
Urban property developers Blok have released plans for their latest development FORTYONL, which intends to provide contemporary housing solutions for the middle-income market.
The highly-acclaimed developers have been developing apartment blocks all around Cape Town that boast beautiful design, convenient location and contemporary communal living solutions. However, FORTYONL promises to be more than just another fancy block. FORTYONL will see 69 stylish apartments erected on a 2 387 square metre vacant piece of land in Cape Town’s Bo-Kaap.
This project has been selected to pilot its 80:20 model, which aims to respond to the needs of today’s market for more diversified urban housing in well located areas. “We’ve called the model we’ve developed the 80:20 model, which refers to 80% of the building being typical open market units and the remaining 20% being cross-subsidised by the open market units,” says Jacques van Embden, Blok’s managing director and co-founder. The model opens a door for the missing middle as the open market units absorb most of the development cost.
The project sees a focus on two main purposes. The urban purpose of FORTYONL is to make inner-city living and working benefits more efficiently accessible, while the individual purpose is to offer Blok’s signature compact apartments to the middle-income market that would otherwise not be able to afford property in a location as easily accessible and sought after as Bo-Kaap.
For information on FORTYONL, visit blok.co.za. Want to see their other developments? Check out TENONQ and NINEONS for starters. You can also explore the brand-new TWELVEONV penthouse in the latest issue of VISI (VISI 90).