On 31 May 2011, the HDA concluded an agreement with Servcon to acquire two Johannesburg Inner City buildings. The properties are currently owned by Transnet and will be transferred and registered simultaneously into the names of Servcon and the HDA. The two properties are situated on Hoek Street and Plein Street. The Hoek Street building consists of nine floors and two levels of basement parking. The building on Plein Street (also known as Union Square building) is 20 floors with three levels of basement parking and its ground floor is used for retail business. Most of the office buildings in the Johannesburg CBD are being converted into residential accommodation apartments and it is planned that the two buildings will be developed for social housing. This initiative is a contribution by the HDA towards the delivery of affordable rental housing in line with Outcome 8 and city regeneration and urban renewal initiatives of the City of Johannesburg.