Ratanga Junction, Cape Town's infamous amusement park, will shut its doors in May 2018, the Cape Argus reported on Wednesday.
Rabie Property Group confirmed to the publication that the park will close to be redeveloped into a "vibrant mixed-use precinct".
Rabie director John Chapman reportedly said the designs for the new precinct were still in their early stages, but would "embrace the existing canals, island, and public open space, and include residential apartments, offices, hotels, restaurants and convenience retail".
The closure of Ratanga had been on the cards for a while, he said.
"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.
"Since then we have downsized the operation, closed the park during off-season, added an all-year round conference facility, and managed the theme park so that it now washes itself. However, this is not sufficient to justify its continued existence because rides need to be renewed and revenue cannot support the high capital costs," said Rabie.
Ratanga will offer special ticket prices to theme park goers from September 29 to October 8 as a "thank you" to the public for its support.