The Ratanga Junction theme park in Cape Town will be replaced with a massive 120,000 square metre mixed-use development, Rabie Property Group's Maggie Rowley told Business Insider South Africa.
The theme park at Cape Town's popular Century City is set to officially close its doors on 1 May.
"While individual projects are still being finalised, the overall vision for the redevelopment of Ratanga remains that of a mixed-use development comprising commercial, residential (possibly including retirement) and hospitality/leisure components set around waterways and a public park," Rowley said.
"The redevelopment will take place on a phased based over a number of years."
Rabie Property Group is currently engaged with an approval process with the City of Cape Town, Rowley added.
"It is unlikely that we will be in a position to announce any specific projects in detail much before the end of the year."
Rabie Property Group announced Ratanga Junction's closure near the end of 2017, saying the it had been a "long time coming".
Rabie director John Chapman said the closure was planned since the group acquired Century City in 2004.
"The oversized facility, lack of consistent demand for a theme park, seasonal weather, expensive maintenance and running costs, as well as the ageing equipment, had all contributed to an unprofitable facility when we acquired it," Chapman said in a statement at the time.
Meanwhile, Ratanga Junction's smaller rides would be moved to a nearby facility.
Talks are also underway with the City of Cape Town to find a suitable spot for the Theme Park's bigger rides.
The Ratanga Junction brand and name is expected to remain as it is, the park's Bill Taylor told local radio station Kfm.
Until Ratanga Junction's closure on 1 May, Capetonians can enjoy the theme park at a discounted price of R95 per day.