Johannesburg , South Africa ( CNN ) -- In downtown Johannesburg -- once a no-go zone riddled with crime -- a young entrepreneur is sparking an urban restoration . Property developer Jonathan Liebmann is busy rejuvenating the South African city 's industrial heart after years of urban decay , with his Maboneng Precinct , on the east side of Johannesburg 's central business district . Maboneng -- meaning `` place of light '' in Sotho -- is now a mixed-zone neighborhood , full of shops , restaurants and residences , which comes alive at the weekend . And it could follow in the footsteps of London 's trendy East End and the shabby-chic streets of Williamsburg in New York as Johannesburg 's young middle class flood to the district . Read more : Africa 's tech cities and mega dams . Liebmann said : `` The area has really transformed from being a rundown industrial area into being a new living and workspace for people looking for something alternative . '' Liebmann and his team own 35 properties in the area and have developed 10 of those buildings since 2008 . `` It 's paid off financially , but it will pay off more in the medium to long term , '' he added . The Maboneng Precinct 's first project , called `` Arts on Main '' is a creative hub boasting an in-house restaurant , rooftop bar and an exhibition space as well as a studio for some of South Africa 's most respected artists . Read more : Fast-food giants target Africa . Prices for an apartment in Maboneng range anywhere from 280,000 rand ( $ 28,500 ) to 3 million rand ( $ 305,000 ) , and Liebmann said that since he started buying up properties in Johannesburg , prices have sky-rocketed . `` Initially buildings were being bought for 100 euros a square meter , '' he said . `` I think prices have tripled , but that still makes it very competitive when you compare it to the suburbs . There are still very good deals to be enjoyed . '' But for seemingly low prices by Western standards , Maboneng still remains an aspirational area for many of the city 's 3.8 million inhabitants . Despite South Africa being the continent 's largest economy , 23 % of the population is below the poverty line . Liebmann said that Maboneng 's continued development will have a positive impact on Johannesburg , known as the `` City of Gold , '' as other similar projects spring up around the city . `` There 's always a knock-on effect , '' he said , `` it 's all coming together now in total regeneration . '' Another company investing in Johannesburg real estate is Kempston Group . Originally a trucking company , today Kempston Group owns 100 commercial , industrial and farming properties around South Africa . Read more : Liberia : From warzone to holiday paradise ? And the firm is now taking on a mammoth project to transform the notorious Ponte City skyscraper in the heart of Johannesburg . When it was built in the 1970s , Ponte City was a desirable place to live . But having loomed over the city for nearly four decades , it became a symbol of the urban decay as the abandoned building fell victim to crime , drugs and prostitution toward the end of the last century . When it was taken over in 2001 , after years of neglect , five stories of discarded trash had to be removed as the building 's rejuvenation took place . Kempston Group founder Tony Cotterell , who is overseeing the renovation , explained : `` We bought in large conveyer belts with earth-moving equipment and we started moving it out . '' The group has invested tens of millions of dollars into the project and has already finished renovating the residential floors . Cotterell says all of the 500 apartments currently in Ponte are occupied . `` What we 're creating is an environment where people can feel safe , '' said Cotterell . `` It 's a big change from where it was 15 years ago . I think the whole of Johannesburg is starting to change as well . '' CNN 's Oliver Joy contributed to this report .
Downtown Johannesburg is getting a makeover . Maboneng Precinct is an urban regeneration project in central business district . The new development will include the construction of two towers and a shopping mall, as well as residential apartments for up to 10,000 people.