It’s the place synonymous with all things fresh produce and mouth-watering goodies – and now the iconic destination is about to undergo a transformation, with the Central Market Arcade redevelopment pencilled in for next year.
The $400 Million Market Square upgrade will commence production in June of next year, with the formal notice of construction to be provided to Council on November 28. The redevelopment initiative is a collaboration between ICD and the City of Adelaide.
“It’s exciting to be taking this major step forward to realising what will be a city-shaping project for Adelaide and South Australia and this early advice on the commencement timeframe reflects our commitment to provide certainty and early notice to precinct stakeholders,” says Lord Mayor Sandy Verschoor.
The major redevelopment will see an enhanced and expanded Central Market, with residential living, hotel and office accommodation and retail space owned by ICD Property – operating under the umbrella name Market Square.
The confirmation of the upcoming notice follows the unprecedented success of Market Square residential sales, with over 80% sold to waitlist prior to public launch, making it one of the fastest-selling projects in Adelaide.
“Despite the challenges posed by COVID in the past two years, we are on track to deliver this once in a generation project,” says ICD Property Managing Director Matt Khoo.
“We have been working closely with the City of Adelaide and the Adelaide Central Market Authority every step of the way and will continue to do so moving forward in order to support traders through this transition.”
However, there’s no need to fear if the Adelaide Central Markets is your favourite foodie destination – it will continue to remain open for business as usual and continue to trade throughout the construction.
Both ICD Property and the City of Adelaide undertaking appropriate actions to minimise construction impacts, with the construction of Market Square taking place in stages.
“We couldn’t be happier to have a date set for the commencement of construction on Market Square and the expansion of the Adelaide Central Market,” says Adelaide Central Market Authority Chair Theo Maras.
“This project will enhance and complement our existing market, elevating it further as an iconic destination and preserving it for generations to come.”
In other recent project milestones, the Market Square Display Suite was just opened opposite Victoria Square. Interested homebuyers can register for private bookings here.
The luxury homes include the prestigious Skyline penthouse residences, ranging from $5.2 – $10 million. The 935 square metre $10 million penthouse is the most expensive in Adelaide’s CBD. Market Square residences will have unparalleled amenity and seamless access to the expanded Adelaide Central Market.
Further information can be found at the City of Adelaide website.
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