In an ambitious venture that is set to reshape the heart of Adelaide, construction has officially commenced on the $400 million Market Square development, a joint effort between the City of Adelaide and ICD Property. This ambitious undertaking aims to replace the existing Central Market Arcade while ushering in a new era of growth and prosperity for the city.
The Market Square development is an extensive mixed-use precinct, set to become a national landmark, combining an expansion of the renowned Adelaide Central Market with an all-electric commercial office tower, retail outlets, on-site childcare facilities, luxury residences, and a premium hotel. In addition to these modern amenities, the project will also feature activated public spaces to foster a vibrant and dynamic environment, aptly named Market Square.
Crucially, the ongoing success of the beloved Adelaide Central Market will remain unhindered during the course of the redevelopment. The city’s iconic market will continue to trade as usual, ensuring residents and visitors can still indulge in the finest fresh produce and artisanal offerings that have defined the market’s appeal for generations.
The comprehensive redevelopment will be funded in part by ICD Property and the city’s ratepayers. It will entail the demolition of the Central Market Arcade, which was last developed in the 1960s, to make way for new shops and restaurants linked to the Central Market, as well as office spaces, a hotel, and residential apartments.
This significant project received approval in March to increase the building’s height by two storeys, reaching an impressive 39-storey height. Moreover, the commercial office space will expand to a staggering 20,000 square meters, accommodating the growing demand for state-of-the-art office facilities in Adelaide.
ICD Property’s CEO, Matthew Khoo, expressed his excitement about the venture.
“We are delighted to be partnering with the City of Adelaide to deliver our vision to create something truly transformative for the city, a source of real local pride, and a must-visit tourist destination.”
Khoo also highlighted the overwhelmingly positive response to the residential offerings, with over 98% of residences sold within a few weeks of the project’s launch, leading to the addition of two new floors of apartments.
The Lord Mayor of Adelaide, Jane Lomax-Smith, emphasized the far-reaching impact of the development, noting that it is expected to generate over 1,000 new jobs and provide an economic boost of $135 million to South Australia’s economy. The project’s commercial component is projected to be completed in 2025, followed by the retail area in 2026 and the residences across 2025 and 2026.
The project’s builder, Multiplex, has been entrusted with the task of bringing the vision to life. Construction is estimated to take around three years, with the project being delivered in multiple stages to ensure a seamless transformation of the area.
Throughout the construction process, ICD Property and the project team are dedicated to minimizing disruptions to the Adelaide Central Market and its surroundings. The City of Adelaide has implemented measures to support the precinct during construction, including the establishment of UPark Andrew, new on-street loading facilities, and improved precinct wayfinding.
Theo Maras, Chair of the Adelaide Central Market Authority, reassured traders and customers that it will be “business as usual” during the construction period, with the market continuing to serve up the finest fresh produce every market day.
Alex Hall, Associate Principal at Woods Bagot, the design firm behind Market Square, highlighted that the project’s design will revitalize the precinct by creating a truly cosmopolitan atmosphere with laneway extensions, activated public spaces, and increased foot traffic.
As Market Square construction kicks off, the project stands as a beacon of progress amid a backdrop of stalled projects nationwide. The transformation promises to redefine Adelaide’s landscape and set the stage for a vibrant and dynamic future for the city and its residents.
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