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Building company Maxcon has been appointed to construct the new $85 million Penny Place apartment development in the Adelaide CBD.
Located on Angas Street near Victoria Square, Penny Place will comprise 152 apartments, car parking, and a bike store.
There will also be a ground floor lobby, residential lounge and kitchen, and a space for a retail outlet, as well as a public plaza.
Construction will commence later this year and is anticipated to create around 150 new construction jobs.
"Maxcon has proven itself as one of Australia's finest construction companies, so we're pleased to partner with them to help us deliver on our exciting vision for Penny Place," says CEO of Flagship Property Holdings Mark Jarman.
"We've already put in an enormous amount of design and planning work on Penny Place alongside our architect Woods Bagot, so appointing Maxcon rounds out an outstanding delivery team and paves the way for construction to soon get underway."
The Penny Place development is the second stage of Flagship's masterplan for the inner city site. It follows the recently completed Kodo apartment development which now stands as Adelaide's tallest residential building.
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