The face of Cape Town's lower city centre is set for a major change with the development of a new R1-billion five-star hotel and apartment block. Construction and remodelling of the former Safmarine building will be complete by the end of next year, and will see it transformed into the luxurious Radisson Blu Hotel and Residence with 11 floors of executive apartments filling the top half of the building.The lower half will become one of the Carlson Rezidor Hotel group's flagship developments.The project is the brainchild of veteran developer John Rabie and property owner Shaun Rai.It is expected to boost the property offering in the Cape Town central business district, which has become a sought-after area for home buyers."Although the Cape Town city centre is well known to be open for business, it is increasingly becoming a very sought-after home address," said Rabie, of developers Signatura.The Radisson will provide a unique opportunity in the market, with owners of the 166 executive apartments able to add their properties to the hotel rental pool, and get a tax incentive, because their properties will be located in an urban development zone.Situated on the corner of Riebeek and Long streets, the property is located at the start of Cape Town's world famous Fan Walk, and is just a 10-minute walk from the V&A Waterfront, a major tourist attraction. ..