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The ground has officially been broken on the Penny Place apartment development in the Adelaide CBD.
The $85 million building, expected to generate 150 local construction jobs, is being developed by Flagship Property Holdings.
The apartment building will be built on Angas Street near Victoria Square and will comprise 152 apartments, 50 per cent of which have already been sold off the plan.
Penny Place will be a 24-storey, 78m high building with a ground floor lobby, resident lounge and kitchen, space for a retail outlet, and a public plaza.
CEO of Flagship Property Holdings Mark Jarman (pictured right) says the beginning of construction today is a major milestone for the group.
"We've been meticulous with every little design detail for Penny Place, so to finally reach the construction stage is a wonderful milestone that we're all really excited about," says Jarman.
"With the level of expertise within our project team, we think Penny Place will be one of the best apartment developments the city has ever seen."
Flagship Property Holdings has tapped architects Woods Bagot and builder Maxcon to construct Penny Place.
Penny Place is the second stage of Flagship's inner-city development site after completing its Kodo apartment earlier this year. At 103m tall, Kodo currently stands as Adelaide's tallest residential building.
Construction of Penny Place is expected to be finished by mid to late 2021.
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