In 1986, the complex was listed as historical heritage of the city of São Paulo. Seven years later, in 1993, the complex went bankrupt and closed its doors to the public, and it has been empty ever since. 

In 1996, the entire complex was acquired by Caixa de Previdências, two employees of Banco do Brasil (Previ), to build a shopping center and a luxury hotel on the site.

However, the project needed more continuity since the buildings of the complex had been listed, preventing the enterprise's original structure from being mischaracterized. In 2011, the complex was acquired by French businessman Alexandre Allard, the current owner.

After negotiations, Alexandre got permission to modify some of the complex's structures and, in addition, was authorized to build new buildings on the site.

The complex was baptized Cidade Matarazzo and will receive different uses and activities after leaving its old name behind. The project includes a hotel, a cultural center, gastronomic points, and shops. The forecast for delivery of the development is between 2023 and 2024. 

In addition to the items listed above, Cidade Matarazzo will receive a corporate building, the Ayahuasca Building. Designed to house companies and institutions that promote ESG practices, the building will have 140,000 m² of built area. The office tower project, signed by the architect Rudy Ricciotti, provides a boulevard and stores.

The Cidade Matarazzo complex is under construction, and even though it is not 100% finished, it is open for visitation.