The City of Adelaide has announced Australian company ICD Property as the development partner for the $400m Central Market Arcade redevelopment project.
ICD Property will collaborate with architecture company Woods Bagot, global investor and joint venture partner Nanshan Singapore, and Australian property developer Sinclair Brook.
The City of Adelaide also revealed the concept designs for the project. The design will integrate with the existing Adelaide Central Market by creating a continuous connection between the two neighbours.
The design also reinstates the arches sympathetic to the former Grote Street façade and adds a new social and commercial precinct.
The project will also feature publicly accessible spaces on the ground floor, podium roof terraces, and biodiverse roof terraces as a green hub for lifestyle experiences.
Woods Bagot will also engage with all stakeholders for detailed design and work through the complete planning process and guidelines.
Lord Mayor of Adelaide Sandy Verschoor said: “Last developed in the 1960s, the redeveloped Central Market Arcade will have a stunning redbrick façade to complement the iconic Central Market exterior and will feature a structure of approximately 35 storeys that includes retail, commercial and residential areas.
“This council-led project will create a food and wine destination of international repute; building on the Central Market’s importance as a South Australian icon and provide better connections to Victoria Square and the surrounding streets.”
Expected to break ground in 2021, the Central Market Arcade redevelopment project will create 337 jobs at the time of construction.
Upon completion, it will create better access through Victoria Square, Grote Street and Gouger Street.
Ownership and control of 6,000m² of retail space, including market activities, speciality retail, supermarket, basement loading and 260 public car parking spaces, will be retained by the City of Adelaide.
ICD Property will control upper-storey complementary retail, ‘A’ grade office tower, 249-room hotel, residential apartments, associated car parking, child care and public podium.
Construction is expected to take place at the Market Arcade site. ICD Property and Woods Bagot will now progress detailed design development for the approval of the project development.