The redevelopment of Cape Town's Golden Acre complex is progressing amid ownership disputes over the Skybridge and basement levels, while city leaders address urban challenges like informal trading and homelessness. Mayor Geordin Hill-Lewis toured the site, emphasizing ongoing construction and a vision for a 24-hour economy. The project, sold for R781 million in 2025, includes 450 new rental units set for occupancy in December 2026.
Cape Town's city centre is undergoing significant transformation, with the Golden Acre redevelopment at its core. The complex, once a bustling hub, was acquired in 2025 by Putirex, a special purpose vehicle led by developers Gary Moore and Roelof Delport, for R781 million from Growthpoint. The total investment reaches R1.3 billion, funding upgrades like plumbing retrofits for 450 rental units, façade improvements, and a 6,000m² rooftop park.
During a recent tour, Executive Mayor Geordin Hill-Lewis and Alderman James Vos reflected on their childhood visits to the site, now marred by decay, particularly the Skybridge connecting it to the train station. Ownership of the Skybridge remains with the City of Cape Town, which has deployed security and removed informal vendors. Lesego Majatladi of Gracht Asset Managers, overseeing integration with city initiatives, outlined plans for a '24 x 7 economy'. He stated, “When the first residents move in, we will start extending the trading hours for some retailers, until eventually we reach round-the-clock activity.”
Short-term plans repurpose the parking garage as a rest stop for delivery bike drivers, with commitments from Mr D and Woolworths, including free entry for electric vehicles. However, inequality issues persist. The mayor halted bus traffic to urge removal of a homeless encampment near the entrance, echoing Alderman JP Smith's concerns over the 'unfair subsidy advantage' informal vendors hold against formal retailers. Developers view gentrification as a solution to structural problems, planning to demolish the garage for a taller residential tower. The 450 furnished units, starting at R10,000 for studios, aim to deepen the CBD housing pool, with occupancy from December 2026. Hill-Lewis, when asked about his legacy, redirected praise to the team, neither confirming nor denying re-election intentions.