Landmark North Adelaide Site Now Owned by Community
The City of Adelaide has taken the next step towards the redevelopment of 88 O’Connell Street in North Adelaide – by formally assuming ownership of the site.
Lord Mayor Martin Haese confirmed that Council had today reached settlement with the previous owner, the Makris Group, following a comprehensive due diligence process.
The Lord Mayor said Council’s ownership would give the community the opportunity to provide input into the type and scale of future development on the site.
“Our first task will be to comprehensively engage with our community in the establishment of guiding principles for the development. Then, we can begin to develop detailed plans to activate this strategic site.”
The Lord Mayor said Council had acquired the site for $34 million.
“This was a fair price to secure this strategic site and end the uncertainty that has existed for nearly 30 years.
This purchase is a long-term investment that will act as a catalyst for the sustainable growth of the O’Connell Street precinct and be of great benefit to the City of Adelaide.
“There will also be a much broader economic and social impact, as the developed site would be expected to become a long-term, sustainable source of revenue to City of Adelaide ratepayers.”
The Lord Mayor said the State Government had contributed a grant of $10 million to support the acquisition as well as activation of the O’Connell Street precinct.
He said the cost of the acquisition would primarily be funded through an increase in Council’s borrowings.
“These borrowings will be managed within Council’s prudential limits as part of our long-term financial plan, and will be fully disclosed in our annual financial statements.”
The Lord Mayor has invited anyone with an interest in the redevelopment of 88 O’Connell Street to register their contact details at Your Say Adelaide.
“This will enable us to easily share information and hear from the residents, business owners and other community members who want to know more about our future redevelopment plans,” he concluded.
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