Expressions of Interest Sought for Redevelopment of Iconic North Adelaide Site
The City of Adelaide has today released an Expression of Interest (EOI) to the property industry for the redevelopment of 88 O’Connell Street in North Adelaide.
Council acquired the site in February, with the aim of facilitating a development that reflects community needs and contributes to the revitalisation of the O’Connell Street precinct.
Lord Mayor Martin Haese says the EOI represents the outcome of a fast-paced seven months of project planning and detailed community consultation, which culminated in a set of Council endorsed Guiding Principles.
“Today’s EOI release demonstrates just how keen we are to move forward quickly with this project and achieve a development that residents, businesses and visitors alike are drawn to as a destination.”
Global real estate services firm JLL has been appointed to assist the City of Adelaide with the preparation of the EOI and marketing strategy which will target local, national and international developers.
The Lord Mayor said the EOI phase would seek to engage the expertise, passion and creativity of the development industry to deliver an outstanding and innovative mixed-used, mid-rise development of up to eight storeys.
“The City of Adelaide is now formally seeking developers and consortia that can respond to a range of outcomes for the site, to achieve the results envisioned by our community.”
The Lord Mayor said the EOI provided guidance to interested parties about Council’s vision for the site, and how this would influence potential development outcomes.
“Proponents will be asked to outline their vision and how it aligns with our Guiding Principles.”
The closing date for submissions is 30 November, after which an Evaluation Panel will be formed to assess the submissions throughout December and January 2019.
Evaluation criteria include:
- Capability and capacity to design, develop and deliver the Project
- Development intent and timeframe for delivery
- Financial capacity and capability
- Track record in commercial partnering, and
- Commercial terms.
After the evaluations have been completed, a shortlist of proposed development partners will be put forward to Council for approval.
“After nearly 30 years of lying vacant, Council is clearly getting on with the job of bringing a landmark site in North Adelaide to life,” the Lord Mayor said.
You can find more information about this landmark project at: cityofadelaide.com.au/88OC
For more information
0401 674 110