Port-Louis long awaited revival now a reality
The skyline of Port-Louis, the island’s economic capital, might shortly undergo profound modifications.
The skyline of Port-Louis, the island’s economic capital, might shortly undergo profound modifications. In fact, a five year moratory, granted to commercial tenants under the Landlord and Tenant Act is ending on December 31st. As from that date, rents are most likely to soar up between 300 and 400%.
While a number of retailers have announced that they will not be able to pay and will as a result close down their shops, observers have predicted that the end of the moratory will enable developers to renovate commercial buildings and transform Mauritius’ capital. As a result, Port-Louis’ long awaited revival will be a reality shortly thanks to new modern commercial spaces and a vibrant nightlife.
The local private sector, with its booming projects, was precisely waiting for the moratory to end in order to make a revitalized Port-Louis a reality.
It is with this in mind that the Port-Louis Development Initiative (PDLI) was created.
In an interview given to l’express newspaper, Jean Claude de l’Estrac, its CEO, explained this initiative.According to him this initiative “is all to the private sector’s credit. It happened that a number of investors have worked on big projects for Port-Louis. The majority of these projects will come to life in the five coming years. I think that they will positively change the skyline of Port-Louis”.
He also added that “the investors felt that there should be a coordination regarding the projects to be implemented, to work hand in hand with the government and the municipality in order to develop a better urban planning which would facilitate the life of the residents as well as the thousands of people who come to Port-Louis everyday”.
In the meantime, tenants are maintaining the pressure on the government and are asking for an extension of the moratory. But property owners, aware of what is at stake, are determined to give Port-Louis a new skyline.