The Cape Times reported that the stadium was costing the city about R44.6m a year with very few hiring activities taking place due to hiring costs.
The mayoral committee decided on Tuesday it would approach the province to ease restrictions that were put in place to appease Green Point residents during the 2010 Soccer World Cup.
The province had banned commercial and retail outlets, commercial parking, and hiring out of commercial office spaces to third parties to reduce high noise levels and traffic volumes.
If these rules are scrapped, it could see a nightclub, restaurants, coffee shops and sports bars built within the stadium and precinct.
Green Point Ratepayers and Residents Association chairperson Bobby Goebel told the newspaper it welcomed development within the stadium but would object to a building on the Green Point Common.