SKYCITY INJECTS $330 MILLION INTO FESTIVAL PLAZA REDEVELOPMENT

SKYCITY INJECTS $330 MILLION INTO FESTIVAL PLAZA REDEVELOPMENT

THE long-neglected and much maligned Festival Plaza in Adelaide has received a hero in the form of long-time neighbour: SkyCity.

SkyCity Entertainment today announced it will commit to a $330 million expansion of the Adelaide Casino, revamping the Festival Plaza precinct.

The expansion will include a boutique hotel, signature restaurants, bars, cafes, a rooftop bar, and function spaces for up to 750 people for conferences or events.

The new development will support 1,000 jobs during construction, commencing in 2018, and create 800 new jobs when completed in 2020.

SkyCity's $330 million investment into the refurbishment of the Festival Plaza joins a $500 million investment by the Walker Corporation for a new commercial and retail development and a $180 million State Government investment in a new plaza and refurbishment of the Adelaide Festival Centre.

The Walker development is due to commence in late 2017 and will include a 40,000 square metre office tower, a new underground public carpark, and a retail precinct.

South Australian Urban Development Minister, Stephen Mullighan, says SkyCity's investment involved a number of complicated negotiations to appease all stakeholders in the area.

"Reaching these agreements has involved a complex set of negotiations between the key parties, SkyCity and Walker Corporation, as well as a number of other precinct stakeholders like the Festival Centre and the InterContinental Hotel," says Mullighan.

"Once complete, the Festival Plaza will add to Adelaide's reputation as one of the world's most liveable cities, building upon our investments in the Adelaide Riverbank as well as progressive reforms such as rejuvenated laneways and unique small bars."

Business News Australia

 

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