The Blueprint for Inner-City Revival
Johannesburg’s Central Business District (CBD) has long stood at the intersection of opportunity and neglect. For many, its perceived decline meant retreat. But for seasoned developer Gerald Olitzki, founder of OPH – Olitzki Property Holdings, it represented potential – not just for buildings, but for rebuilding confidence in the heart of the city.
Seeing Opportunity in Decline
In the late 1970s, Gerald observed the city from his law office near Vanderbilt Square. What others saw as a hub of disorder, he saw as a missed opportunity.
“It was one of the very few open spaces in Johannesburg, and it was just buses and pickpockets – a missed opportunity,” he recalled.
Two decades later, he had secured 100% financing to purchase his first building, using his rental spend as leverage – a move that marked the start of his redevelopment approach in Johannesburg’s CBD.
At the time, interest rates were soaring – “prime rates hit 27-28%,” Gerald noted – a period when most investors were forced out. But through cautious, equity-driven growth, he held on.
You Can’t Fix a Building Without Fixing the Street
Gerald’s belief is simple: reviving a city means more than refurbishing properties. “You can’t just fix a building. You need to fix the environment, the safety, the cleanliness. You have to take an entire zone and give it attention.” This philosophy laid the foundation for South Africa’s first City Improvement Districts (CIDs).
In partnership with the Central Johannesburg Partnership and urban champions like Neil Fraser and Graeme Reid, Gerald helped implement frameworks where private stakeholders could legally maintain, secure, and uplift public spaces. Gandhi Square was the first of its kind – a successful example of how a coordinated effort could turn a neglected space into a thriving precinct.
In fact, research by the Gauteng Property Management Association highlights that City Improvement Districts (CIDs) have been shown to positively impact commercial property values, enhancing safety and urban appeal in previously deteriorated zones.
The return on this approach speaks for itself: “We’ve multiplied the value of properties tenfold, in some cases 100-fold,” Gerald explained – proof that precinct-led regeneration works when executed with discipline and vision.
A Different Kind of Authentic
While parts of Johannesburg have modelled themselves on global cities, Gerald’s vision is proudly local. “There are parts that are authentically South African. Places where you can walk with your laptop, feel safe, and experience something real.”
By focusing on real urban texture rather than mimicry, his developments have created spaces that serve the people who use them – from large corporates to first-time entrepreneurs.
Inclusivity Over Eviction
One of the more understated aspects of Gerald’s method is how he approached derelict or hijacked buildings. Rather than enforcing evictions, he engaged residents and their leadership. “We worked with committees, gave people dignity, and made sure everyone got something out of the process.” This strategy avoided the hostility typically associated with urban regeneration, and instead built long-term trust.
A Reclaimed Inner City
Today, Gerald’s footprint stretches from the Carlton Centre to the magistrates’ court. His developments include landscaped public zones, privately maintained precincts, and buildings with occupancy rates most landlords would envy. From entry-level office space at R1,500/month to A-grade commercial buildings, his model caters to the full spectrum of demand.
Reflecting this resurgence, the South African Property Owners Association (SAPOA) reported an improvement in Johannesburg’s office vacancy rate – from 19.5% in Q2 2022 to 16.9% in Q2 2024 – indicating renewed commercial confidence in the city centre.
“We’ve landscaped Gandhi Square, Main Street, Fox Street – all privately funded – to make them safe, clean, and beautiful.”
The result is a revitalised inner city that still holds affordability, walkability, and community at its core. For new business owners, creatives, and public sector institutions, this part of the city is more than viable – it’s attractive.
Final Thoughts
The story of Johannesburg’s CBD isn’t just about urban decay – it’s about resilience. Gerald Olitzki’s work demonstrates what becomes possible when urban renewal is driven by principle, not just profit. His zone-based model of improvement, backed by public-private cooperation and a deep respect for community, offers a roadmap for sustainable transformation.
“The city is an opportunity for transformation – but it takes vision, patience, and the courage to see what others overlook.” – Gerald Olitzki
For more insights, watch the full conversation with Gerald Olitzki on The Corner Office Podcast or listen to
it on Spotify here.
