Adelaide's Central Market Arcade to undergo $400 million redevelopment
The Adelaide Central Market Arcade will be redeveloped in a $400 million deal between the City of Adelaide and a consortium of private sector businesses. The redevelopment will see the arcade site, located next to the main market site, redeveloped that includes a multi-storey podium and tower retail, commercial, hotel and residential tower reaching 35 levels above Grote Street.
ICD Property, Nanshan Singapore, Sinclair Brook, Mott MacDonald and Woods Bagot have entered into a partnership with the city council to develop the site which will include speciality food, beverage and retail areas.
The roof of the podium looks set to include an elevated park right in the heart of the city, the redeveloped arcade has a focus on connecting Grote and Gouger Streets and the council says the new precinct will attract 10 million visits a year upon opening. Likewise, the lanes to be created in the redevelopment will link Victoria Square through the Central Market itself.
The City of Adelaide stresses the Central Market will not be included and redevelopment is contained to the arcade site between the market and the Hilton Hotel/Law Courts on Victoria Square.
Following a detailed design and planning approvals process, the City of Adelaide expects construction to start in 2021.
15 per cent of the residential component in the redevelopment will be reserved for affordable housing and Adelaide Lord Mayor Sandy Verschoor said the redevelopment would secure the district's future.
"It will complement and enhance the Adelaide Central Market as a world-class fresh produce market and visitor attraction. We have a seamless transition between that new development and that existing Central Market and we bring new life right to the heart of the city," the Lord Mayor told the Adelaide Advertiser.
The City of Adelaide Council took control of the Central Market Arcade in September 2018 after 50 years of private management and the redevelopment announcement is the result of an expression of interest (EOI) process that kicked off in 2017.
