The proposed Nelson Mandela Tower of Light concept encompasses a 27-storey building constructed predominantly of glass, with each floor representing a year of former South African President and struggle icon Nelson Mandela’s prison sentence at Robben Island. These 27-storeys are divided into three phases representing different aspects of his struggle.
The Tower of Light is a proposed iconic landmark along the lines of the Statue of Liberty, the Eiffel Tower and the like that will create an international focal point on Nelson Mandela Bay in order to make our City a ‘must visit’ tourist destination.
The indicative layout proposed for the Tower of Light Precinct, suggests that the total capital cost of the development, should all structures be built simultaneously, would be just over R2 Billion. This cost will be partially borne by a public-private partnership in the form of the Tower of Light Pty. Ltd., who in conjunction with the NMBM will be responsible for environmental upgrades and security in and around the proposed precinct.
From an operational perspective, the Tower of Light Pty. Ltd. is projected to generate an operating loss of between R1.1 million and R3.73 million over the first three years, improving to an operating profit of R3.3 million in the fourth year and to R9.5 million in the fifth year. After allowing for depreciation and taxation, the loss for the year is projected to average R24.1 million over the first four years, improving to a loss of only R4.2 million in the fifth year. Long-term projections suggest that the Tower of Light Pty. Ltd. will be able to generate a positive annual profit after tax and depreciation in Year 7.