The City of Adelaide has given the green light for the next stage of reinvigorating the Central Market Arcade.
Council launched an Expression of Interest (EOI) process seeking potential partners to help develop the site and has appointed global real estate firm JLL to manage the process.
Lord Mayor Martin Haese said the City of Adelaide would take control of the Central Market Arcade when the ground lease, currently with a private owner, expires in late September 2018.
“With the last redevelopment occurring in the 1960s, the return of the Central Market Arcade provides Council with a once in a lifetime opportunity to drive major change within the heart of the Market District.
“This site offers the opportunity for a flagship, mixed-use development project which will build upon the success of the City of Adelaide’s Market District and create a world class destination.
The Central Market Arcade redevelopment spans the Adelaide Central Market, Market Plaza, Chinatown, Gouger Street and Grote Street.
Development outcomes for the site are targeted to further develop and promote the Market District as the premier precinct showcasing the very best of South Australian food, produce, and wine.
It will provide the opportunity to grow the market offering with expanded and complementary retail and market activities connecting to Victoria Square. This will support an extension of the fresh food and day-to-day retail offer with new loading facilities, increased public car parking and the potential for a range of uses at the upper levels.
Earlier this year Council supported the commencement of community consultation about the redevelopment and to proceed with a process for the revocation of the Central Market Arcade land.
The Minister for Planning has reviewed the Council’s request and granted approval to revoke the community land classification for the purposes of redevelopment.
Commencement of site works is currently targeted for 2020. The Adelaide Central Market itself will not be redeveloped.
Mayor Haese said the City of Adelaide had worked collaboratively with stakeholders since 2015 as part of consultations around its Our Market District - the right ingredients for the future, to develop a vision, objectives and guiding principles for the site.
The Arcade is a cornerstone of the Market District, attracting some 8.5 million people each year.
The EOI process is open until 4 October 2017. During that time, JLL will collate proposals from local, national and international architects and developers.