[U/C] Central Market Arcade Redevelopment | 130m | 39 levels

[NTRabbit]

All the way down to Chinatown

[Prodical]

It looks like there are two levels underground. The Grote Street end of the basement site has levelled out.

They do not make it easy to take photos...

[Norman]

This is the best I could get from the car park.

[timtam20292]

Perfect photo Norman! Look forward to more photo updates from this angle.

[Prodical]

Piling rig now working on the levelled basement area in the centre of the site.

[VinyTapestry849]

So when does the tower development start? Or is that later down the line

[Nort]

So when does the tower development start? Or is that later down the line

They're gonna build the tower first and then build the structure underneath it.

This was the timeline last year

The project will be delivered in stages with the commercial component expecting completion in 2025, the retail area expected in 2026 and the residences across 2025 into 2026.

[Pikey]

So when does the tower development start? Or is that later down the line

They're gonna build the tower first and then build the structure underneath it.

This was the timeline last year

The project will be delivered in stages with the commercial component expecting completion in 2025, the retail area expected in 2026 and the residences across 2025 into 2026.

The whole project will be constructed at once, the completion date is reflective of the scale of each component. I'd say we'll see piling occurring around core pads, services and crane bases.

[gnrc_louis]

Could someone please post this: https://www.adelaidenow.com.au/subscrib ... nt-1-SCORE

[rev]

Could someone please post this: https://www.adelaidenow.com.au/subscrib ... nt-1-SCORE

Market Square project secures funding, first office tenant
The $400m Market Square project has secured critical funding from an unlikely source after years of delays, while the first office tenant has also been named.
Giuseppe Tauriello
Giuseppe Tauriello
Business reporter
@gtauriello
3 min read
June 17, 2024 - 3:11PM
The Australian Business Network

The Victorian-based worker entitlement scheme that took over the South Australian construction industry last year has injected $15m into the $400m Market Square development in a bid to shore up the project, which has been further bolstered by the unveiling of its first office tenant.
The investment by Incolink eases fears about the future of the project, which has been hit with a series of delays, due in part to design changes, uncertainty around the project’s finances and an asbestos find late last year.
Securing tenants for the office component of the project – a joint venture between Melbourne developer ICD Property and Adelaide City Council – has also posed a challenge for developers.
However corporate law firm Thomson Geer Lawyers has announced it will relocate its 130 Adelaide-based staff to the development, with a deal to occupy 2636sq m across the top floor of the nine-storey office tower that will be sit atop a multi-level retail podium.

Early construction work at the Central Market Arcade site has been slowly progressing this year, and Incolink said its mezzanine finance investment would ensure building work continues “well beyond early-stage works like excavation and site preparation” to “peak construction and employment”.
Incolink chief executive Erik Locke said the funding would provide developers with the ability to secure finance for future stages of the project.
“We will invest to get the project moving and generate jobs, but we will also see a return on that investment which flows back into the industry,” he said.
“This will enable us to further invest in services including training to ensure local workers have the skills required by industry.
“This is what has been missing in the South Australian construction industry with the legacy fund not taking an active position.”



Mr Locke’s comments refer to the SA-based BIRST fund which covered local building workers from 1989 to July last year, when Incolink took over as the mandated fund under CFMEU-negotiated agreements.
The Incolink scheme, which provides redundancy payments, insurance and training programs to construction workers, retains close ties to the CFMEU’s Victorian branch, but in recent years has been seeking to become the national fund of choice for the construction industry.
Controversial Victorian CFMEU boss John Setka is a director of the $1.2bn fund, which disbursed $21m last financial year to the construction union’s new “Training and Wellbeing Centre” in Victoria.
The union has said it plans to make similar investment in SA.
Mr Locke said the investment in Market Square would support more than 1000 construction jobs on the project, and would enable the fund to reinvest in the state’s construction industry.
“As Australia’s largest workers’ entitlement fund, with over $1 billion under management, we’re able to invest funds to create construction jobs and generate attractive returns on investment,” he said.
“We will continue to invest in industry training and a range of industry-leading health and wellbeing services for workers, creating a sustainable and skilled workforce that improves industry productivity.”

Work on the Market Square project was originally meant to start in 2021 and be completed later this year.
However according to the latest estimates, the first stages of the project are now expected to be completed in 2026.
The development will feature a hotel, 234 apartments, 21,700sq m of A-grade office space, a 11,000sq m-plus retail precinct and a 3000sq m elevated garden.
Treehouse Hotels – part of the luxury SH Hotels & Resorts group – has been selected to operate the hotel component of the development, while Finnish-style childcare operator HEI Schools will operate a 66-place childcare centre under a 10-year lease.
Thomson Geer chief executive Adrian Tembel said his firm was attracted to the development’s “unrivalled amenity, fantastic location and a strong emphasis on the health and wellbeing of tenants”.

“Market Square is a very special development that our team will gretly appreciate, but equally, it’s a significant project for both the city and the state and we are delighted to support it.”
ICD Property deputy managing director Sal Quah said talks were progressing with several other potential tenants.
“Thomson Geer has signed a 10-year lease which not only validates the project’s vision but also drives its momentum, attracting further interest and investment from top tier and global firms,” he said.
“Only three of the nine commercial floors remain available with the other floors currently under offer or in negotiation and we look forward to making further announcements in the coming months.”
Mr Quah said excavation of the basement level was nearing completion on-site and construction of the lift shafts for the towers would soon begin.

The project is being built by construction company Multiplex.
In March last year, the council approved an additional 21 apartments, more office space and two extra storeys, in a move viewed by many in the property industry as an attempt to bolster the project’s finances.
The amendments came after global construction costs rose by around 20 per cent, prompting council to increase its contribution to the project to $31.92m, $9.3m more than originally planned.

[abc]

so where's the other $385 million coming from?

[Saltwater]

Someone needs to FOA the Adelaide City Council to ask how much they're on the hook for this building if other "partners" are unable to progress

[Mpol02]

Yesh.

And here I was going to ask for another ten metres in height but hey. They have bigger issues

[Algernon]

The actual detail of the article is that someone signed on for 10% of the lettable office area, an organisation downstream from the CFMEU invested in the project and 3 years ago they found asbestos in a hole.

[Prodical]

What a bizarre article - "shore up the project"... by 3 floors leasing of an office!

I thought the apartments sold out + the hotel leased + a child care centre leased + commercial space. The office is only one part of what should be a balanced and solid business case.

What on earth is going on? Years of delay and such slow progress on site - it is seriously weird.