City-Shaping Market Arcade Plan Gains Momentum
The City of Adelaide has given the green light for the next stage of reinvigorating one of the city’s most important commercial sites – the Central Market Arcade.
The Arcade is a cornerstone of the Market District, one of Adelaide’s most popular and distinctive destinations, bustling with shoppers, traders and visitors, and attracting some 8.5 million people each year.
Council has today 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 this process.
The EOI process is open until 4 October 2017. During that time, JLL will draw on its global reach to identify and collate proposals from local, national and international architects and developers.
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.
“We’re seeking a development partner to leverage its expertise, passion and creativity to deliver an innovative development that is unique to Adelaide.
“Our intention is for this project to underwrite the growth of the city’s Market District into a food and wine destination of international repute.
“We want this to be a place that appeals to more people, more of the time.
The Lord Mayor 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.
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.
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