Pressure from homeowners’ association sees Blyde Riverwalk development return to core family, security values
This has had a major impact on the STLs who need the rental income to cover their bond payments. This group of owners claimed Balwin is pushing them out because it wanted to dominate the short-term lease market through its planned new development: the upmarket Mint Hotel.
Balwin has denied the claim, but on Thursday the developers admitted, for the first time, to plans to build a hotel after months of speculation by homeowners. We believe that the discontinuation of the construction of the hotel is in the best interests of the The Blyde Estate, as well as all stakeholders concerned.Balwin now says it has received communication from several owners expressing concern about the development of the boutique hotel — and has decided to halt its plans.
Balwin said in a statement: “These concerns predominantly revolve about returning the estate to a development focused on the prioritisation of the safety and security of all permanent residents and assurance that residents can freely and peacefully enjoy the lagoon area in a family-inclusive environment.
“Having duly considered the matter and despite having received the necessary local authority approvals for the construction of the hotel and having spent about R3m in professional fees in relation to the planning and development of the hotel, Balwin confirms that it will not proceed with the construction of the boutique hotel at The Blyde.”
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