In May 2007 Ponte changed ownership and a re-development project New Ponte was put in motion. David Selvan and Nour Addine Ayyoub under Ayyoub's company, Investagain, planned to totally revitalize the building. The planned development would have contained 467 residential units, retail and leisure-time areas. Over the next few years, the Johannesburg Development Agency planned to invest about R900-million in the areas around Ponte City such as the Ellis Park Precinct project, as well as an upgrade of Hillbrow and Berea partly in preparation for the 2010 FIFA World Cup.
The sub-prime crisis caused the banks not to provide the funding required to finish the revitalisation, the project was cancelled and ownership was given back to the Kempston group. The building is currently owned and operated by the Kempston group.
Read more about this topic: Ponte City Apartments