[APP] Central Market Arcade Redevelopment | 124m | 38 levels

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[APP] Re: Central Market Arcade Redevelopment | 124m | 38 levels

#181 Post by rogue » Thu Jan 28, 2021 1:29 pm

I Follow PAFC wrote:
Thu Jan 28, 2021 11:13 am
Behind a paywall.
$400m Central Market revamp approved
A $400m project to redevelop the Adelaide Central Market Arcade has been approved, with construction expected to start this year.

https://www.adelaidenow.com.au/messenge ... 029bfe5bba
Adelaide Central Market Arcade redevelopment approved by State Commission Assessment Panel

Colin James
January 28, 2021 - 10:58AM
The Advertiser

A $400m project to redevelop the Adelaide Central Market Arcade has been approved, with construction expected to start this year.

A joint venture between Adelaide City Council and a property company to spend $400m redeveloping the Adelaide Central Market Arcade has been approved.

In a South Australian-first, the council will recover its $28m contribution towards the project by selling the “air rights” above the arcade, which will be demolished.

Under the deal, land titles will be handed to Melbourne-based developer ICD Property, which will build three towers on the site presently occupied by a supermarket and the arcade.

Council property director Tom McCready said it was a “win-win for ratepayers and a win-win for council”.

“We are not selling our land, we will retain ownership of the land,” he said.

“With the air rights opportunity, council sought interest from the development community to enhance unused air space above the current Central Market Adelaide.

“The developer has paid for those rights to achieve a more enhanced and expanded offer for the city above and beyond the existing retail offer.”

The State Commission Assessment Panel (SCAP) on Wednesday approved the development, which involves ground floor retail and food outlets and three towers with apartments and offices.

The neighbouring Central Market will remain open throughout construction, which is expected to take almost four years while temporary parking will be provided on the site of the former Franklin Street bus depot.

Adelaide Lord Mayor Sandy Verschoor said the project was a “once in a lifetime opportunity to grow and secure the future of one of Adelaide’s most iconic precincts”.

“This investment provides a unique opportunity to build on what people already love about the market district,” she said.

Melbourne-based ICD Property managing director Matthew Khoo said the company was “thrilled” to have received SCAP approval for what would become Market Square.

“This is a massive milestone for the project, and an honour for us to be working on such an iconic city-shaping project,” he said.

Mr Khoo said a key feature would be a 15,000sq m office building with seven levels available for leasing, while two other towers would have apartments.

Food outlets, shops and other retail space would take up the first two levels with a central atrium connecting Gouger Street to Grote Street and the Sir Samuel Way Building.

Adelaide Central Market Authority chairman Theo Maras urged the public to continue supporting the market throughout the construction period, which is expected to generate around 1000 jobs.

Mr Maras said the authority “wholly supports” the redevelopment.

“Our traders are committed to serving the community and will remain open for business throughout the project,” he said.

Mr Khoo said his company was “acutely aware” of the potential impact of the project on traders and market customers.

His project team included world-renowned Adelaide architects Wood Bagot. A builder has yet to be chosen.

“We are working closely with the entire project team and the market authority to ensure this impact is minimal,” he said.

“The Central Market will be open for business during all phases of this development and we will do everything in our power to make this as easy as possible.”

Mr Khoo said this included the installation of hoarding around the construction site to reduce noise and dust while promotion of the market would be increased.

The council was separately working with traders in the Central Market Arcade who wanted to be relocated to other sites within the CBD during construction.

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[APP] Re: Central Market Arcade Redevelopment | 124m | 38 levels

#182 Post by timtam20292 » Thu Jan 28, 2021 1:44 pm

:applause:

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[APP] Re: Central Market Arcade Redevelopment | 124m | 38 levels

#183 Post by PeFe » Thu Jan 28, 2021 2:19 pm

And the InDaily version of the story
Green light for $400m Central Market Arcade project

NEWS

The $400m Adelaide Central Market Arcade redevelopment has been approved by the State Commission Assessment Panel, with construction set to begin later this year.

Image
A Woods Bagot rendering of the redeveloped Central Market Arcade.
ICD Property and Adelaide City Council announced on Thursday that the State Commission Assessment Panel (SCAP) had approved the development, which is expected to break ground later this year, with construction to take three and a half years.

The project will see the ageing Central Market Arcade demolished for new retail areas and a 38-storey office, hotel and residential building.

The approval came despite SA Housing Authority concerns that the development did not meet State Government criteria to consider affordable housing, as no Land Management Agreement had been signed.

But the council said the project did not require such an agreement and developers met its obligation by offering exclusively to eligible purchasers for a maximum of 90 days.

Lord Mayor Sandy Verschoor said ICD Property would deliver 15 per cent affordable housing – priced at less than $419,750 in line with a State Government affordable housing requirement.

She said the council hoped for “fantastic sales because we want a really diverse community living here”.

“This investment provides a unique opportunity to build on what people already love about the market district,” she said.

“We are excited to be part of ICD Property’s Adelaide’s flagship development, Market Square, building on the Central Market’s importance as a South Australian icon, and provide better connections to Victoria Square and the surrounding streets.”

Plans were unveiled in 2019 to demolish the existing arcade, which was last developed in the 1960s, and build a new two-level retail space and adjoining multi-storey tower with a hotel, apartments and offices.

Full story : https://indaily.com.au/news/2021/01/28/ ... e-project/


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[APP] Re: Central Market Arcade Redevelopment | 124m | 38 levels

#184 Post by SRW » Thu Jan 28, 2021 4:51 pm

Keep Adelaide Weird

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[APP] Re: Central Market Arcade Redevelopment | 124m | 38 levels

#185 Post by Adelarch » Thu Jan 28, 2021 5:54 pm

Great news :applause:

Came across these renders on Woods Bagot website which appear recent (Sofitel almost complete in background), not sure if they've been posted before. Looks impressive!

Also liking the way Victoria Square is slowly but surely bulking up around the edges making it look less two dimensional and more the centre of an actual city.

https://www.woodsbagot.com/projects/ade ... et-arcade/

Image

Image

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[APP] Re: Central Market Arcade Redevelopment | 124m | 38 levels

#186 Post by timtam20292 » Thu Jan 28, 2021 6:57 pm

Thread title change to Approved, please :)

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[APP] Re: Central Market Arcade Redevelopment | 124m | 38 levels

#187 Post by crawf » Thu Jan 28, 2021 11:22 pm

Great news. The Central Markets are an institution in this city, replacing the ugly Coles / Arcade building will not only enhance the Central Markets as a major drawcard though also attract more investment and activity to Grote and Gouger Streets. Tower looks good, though what has won me over is the actual Market Square. Beautiful.

Over the last 10 years we have seen a gradual shift of the CBD core heads towards Victoria Square, this whole Market Square development is only going to strengthen this and attract more major developments to this under-developed part of the city. View from the airport will be quite a sight in years to come.

So good to hear two of Adelaide's ugliest retail arcades are going - this and Southern Cross.

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[APP] Re: Central Market Arcade Redevelopment | 124m | 38 levels

#188 Post by Spotto » Fri Jan 29, 2021 1:13 am

With how quickly this is progressing it’ll probably be finished before the damned Festival Plaza and tower that they’ve been bickering over since 2016. SkyCity’s Eos Hotel just next door has been fully built and opened within that timeframe.

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[APP] Re: Central Market Arcade Redevelopment | 124m | 38 levels

#189 Post by timtam20292 » Fri Jan 29, 2021 3:06 am

I wonder how long before demolition commences?

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[APP] Re: Central Market Arcade Redevelopment | 124m | 38 levels

#190 Post by Mpol02 » Fri Jan 29, 2021 3:22 am

Is this being done in stages or all at once?

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[APP] Re: Central Market Arcade Redevelopment | 124m | 38 levels

#191 Post by SRW » Fri Jan 29, 2021 2:34 pm

timtam20292 wrote:
Fri Jan 29, 2021 3:06 am
I wonder how long before demolition commences?
Late this year, I believe.
Mpol02 wrote:
Fri Jan 29, 2021 3:22 am
Is this being done in stages or all at once?
Two stages.

Stage 1 - Demolition, excavation and construction of basement, southern portion of podium roof top, car parking levels and office tower
Stage 2 - Construction of tourist accommodation/residential tower and balance of podium roof top. These primary stages will be the subject of sub-stages for the purposes of obtaining Building Rules Consent.
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[APP] Re: Central Market Arcade Redevelopment | 124m | 38 levels

#192 Post by Mpol02 » Fri Jan 29, 2021 9:56 pm

Great thanks for the rundown mate. :mrgreen:

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[APP] Re: Central Market Arcade Redevelopment | 124m | 38 levels

#193 Post by aceman » Fri Jan 29, 2021 10:49 pm

is this the only building so far in the 120's height range? can't think of any others.

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[APP] Re: Central Market Arcade Redevelopment | 124m | 38 levels

#194 Post by cmet » Fri Jan 29, 2021 11:08 pm

Best development in recent times in the Adelaide CBD?

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[APP] Re: Central Market Arcade Redevelopment | 124m | 38 levels

#195 Post by Ho Really » Sun Jan 31, 2021 1:35 am

aceman wrote:
Fri Jan 29, 2021 10:49 pm
is this the only building so far in the 120's height range? can't think of any others.
The proposed Wyndham Hotel at 75-79 King William Street, 120m and 34 Levels, and the proposed Hines student accommodation development at 29 Twin Street, 124m and 38 levels.

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