The long awaited $610million Adelaide Festival Plaza redevelopment has finally been given the go ahead following approval from the South Australian State Cabinet reports The Advertiser.
A formal announcement is expected this week for the plan by Lang Walker for a 24-storey office tower coupled with underground carpark and two-storey retail and entertainment complex.
The newspaper reports the development contract will be later tabled in State Parliament because of the complex legal arrangements involved.
The redeveloped plaza would continue the inner-city renewal which has been capped by the recent Adelaide Oval redevelopment.
The announcement will finalise almost four years of talks with Lang Walker who won the exclusive rights to develop the Festival Centre carpark and plaza in 2012. Walker Corp will invest $430million with SA taxpayers picking up $180million.