The iconic Central Market Arcade is set to receive a $400 million redevelopment to improve one of Adelaide's most beloved retail precincts.
The Central Markets are a veritable hub in the South Australian capital, attracting local foodies, tourists, and everyone in between to the centre of the city every week.
The redevelopment of the Arcade will not only grow the already considerable retail offering available at the Central Markets, but improve upon the existing foundations.
The City of Adelaide hopes the $400 million redevelopment will secure the future of the market district, one of the largest in the Southern Hemisphere, with a new central hall, public rooftop garden, child care centre, hotel, apartments, and offices.
The announcement follows a two-year-long global expressions of interest campaign run by the City of Adelaide Council.
The project is expected to break ground in 2021, and is estimated to create approximately 337 jobs during construction.
Inside the redeveloped Central Market Arcade (artist's impression)
City of Adelaide Lord Mayor Sandy Verschoor says the redevelopment of the Arcade is a once-in-a-generation opportunity to grow and secure the future of the market district.
"Last developed in the 1960s, the redeveloped Central Market Arcade will have a stunning redbrick façade to complement the iconic Central Market exterior and will feature a structure of approximately 35 storeys that includes retail, commercial and residential areas," says Mayor Verschoor.
"This Council-led project will create a food and wine destination of international repute; building on the Central Market's importance as a South Australian icon and provide better connections to Victoria Square and the surrounding streets."
The red brick facade neatly complements the existing iconic Central Market building (artist's impression)
ICD Property have been named as the development partner for the $400 project, alongside global investors Nanshan Singapore as its joint venture partner, leading development firm Sinclair Brook, and Adelaide-founded architecture firm Woods Bagot.
"The Central Market Arcade is a historic part of Adelaide and an integral part of the community and we look forward to delivering a highly considered and memorable project that will be enjoyed for decades to come," says ICD Property managing director Matt Khoo.
"The project will seek to celebrate the rich cultural tapestry of the district and the heritage buildings, places and cultural attachment that have been created."
The proposed entrance to the new Central Market Arcade (artist's impression)
The City of Adelaide will retain ownership and control of 6,000sqm of retail space including market activities, specialty retail, supermarket, basement loading and 260 public car parking spaces.
ICD Property will control upper story complementary retail, 'A' grade office tower, hotel (249 rooms), residential apartments (210 units with 15 per cent affordable housing), associated car parking, child care and public podium.
The Central Market Arcade tower is set to be the jewel in the redevelopment's crown (artist's impression)
Business News Australia
Help us deliver quality journalism to you.
As a free and independent news site providing daily updates
during a period of unprecedented challenges for businesses everywhere
we call on your support