Pelligra Group has expaded its plans for a joint-venture Adelaide skyscraper.
Working with the South Australian Freemasons, it is planning the mixed-use project behind the heritage-listed Freemasons Hall in Adelaide’s CBD.
Pelligra has wants to expand the scope of its Keystone project so the tower would reach 183m, up from the 160m of the inital proposal.
The development budget has increased from $120 million to $300 million, with an estimated completed value of more than $400 million, via financing co-ordinated by TIP Group.
This will make the 33-storey tower on North Terrace Adelaide’s first and only skyscraper, according to Pelligra.
There will be a three-storey observation deck, 240 new hotel rooms and conference facilities, as well as a “wellness retreat”.
The expansion also takes into account the increased size and budget for the Adelaide Museum of South Australia’s History, with suggestions it could be home for the museum or further commercial and retail space of 10,000sq m.
The preferred museum option is expected to attract up to a million visitors a year.
The next phase of planning is expected to be lodged in May.
“We conducted a national and international search for the right partner, and Pelligra was the clear winner because of its significant investment capacity and interest in South Australia,” Grand Master of Freemasons SA/NT David Booker said.
“It’s three generations of experience in development, deep appreciation for heritage, and its long-term commitment to building high-quality developments that will stand the test of time.”
The Freemasons will retain design control and 50 per cent of the proposed building, with the management of the tower overseen by a new board consisting of representatives from the Freemasons as well as Pelligra.
Freemasons will be focused on heritage planning for the existing building on which the tower will be built, with 90 per cent of the original floor space retained in the ground floor lobby area following an $8 million redevelopment.
The building opened in 1927, after it was discovered in 2020 that Freemasons Hall had extensive concrete cancer.
“The protection of the building's heritage is paramount to the organisation, and we are dedicated to preserving the appeal and access to the building,” Booker said.
“The Keystone tower development is an opportunity to create a landmark building inspired by Classical Architecture that will enrich the lives of South Australians and visitors alike by offering a beautiful and meaningful addition to Adelaide's skyline, symbolising the importance of high moral values and community,” chairman Ross Pelligra said.
Development in Adelaide has ramped up with a number of major projects during the past year, including a $1.25-billion precinct by Gurner and the world’s tallest timber tower.
