Cape Town’s biggest property development project since the launch of the V&A Waterfront is about to get underway, after Old Mutual Property Group got approval for its R1.2bn project on the Foreshore.

The City has approved the plans for the project, called Portside, which will count 24 office floors above a 10-storey hotel and retail and car parking levels. The building is expected to complete in 2011, and when finished will be the tallest in Cape Town.

The site, which is located between Hans Strijdom Avenue and Mechau Street, was sold last year by the City for more than R89m.

As part of its plans, Old Mutual Property has also agreed to the building of 564 residential units and a retail and commercial development in Khayelitsha.