The Adelaide Central Market Arcade is closing its doors today (24/6/22) in preparation for the $400 million ‘Market Square’ redevelopment and expansion.
Approved in January 2021 by the State Commission Assessment Panel (SCAP), the arcade will be demolished to make way for new residential, hotel, office accommodation, a rooftop terrace garden, a childcare centre, retail shops and more.
Located adjacent to the iconic Adelaide Central Market, Market Square is a joint venture project between ICD Property and the City of Adelaide.
Adelaide Central Market Chair Theo Maras said the Adelaide Central Market will continue to trade as usual throughout the redevelopment.
“We want to be clear, the Adelaide Central Market you know and love will remain open for business throughout all phases of the project. We have over 70 passionate small business operators, who will be here for our customers and community every single Market Day. It’s more important than ever to continue to shop local and support small business,” Mr Maras said.
Initially scheduled to break ground in September 2021, the redevelopment experienced significant COVID-19 related delays and was rescheduled to commence in June 2022.
To be built by Australian construction company, Multiplex, the project is predicted to take three and a half years to complete.
Market Square is expected to not only secure the future of the market district for future generations, but also set a new benchmark for architectural design in South Australia.
“The City of Adelaide is proud to announce that the redevelopment of the Central Market Arcade has been approved,” said Lord Mayor Sandy Verschoor.
“This investment provides a unique opportunity to build on what people already love about the market district.
“We are excited to be part of ICD Property’s Adelaide’s flagship development, Market Square, building on the Central Market’s importance as a South Australian icon, and provide better connections to Victoria Square and the surrounding streets.”
ICD Property Managing Director Matthew Khoo said the project team acknowledges the Central Market is already a world-class public space and are focused on protecting and supporting its strengths and ‘authentic Adelaide’ vibe.
“We are thrilled to receive the State Commission Assessment Panel’s approval of our development application to be now called Market Square. This is a massive milestone for the project, and an honour for us to be working on such an iconic city-shaping project,” said Khoo.
“We are very proud to partner with the City of Adelaide, to deliver our joint vision to create something truly outstanding for the city, a place of real local pride and a must-visit tourist destination. Market Square will be a celebration of the best of South Australia and feature fresh new retail opportunities.
“The seamless connection and close partnership with the Central Market is a huge asset to this project, we couldn’t be more excited to help secure its heritage and to watch this precinct flourish in the years to come.”
The new thoroughfare between the Central Market, the new precinct and Victoria Square will draw increased foot traffic, encourage visitation, and infuse new energy to the region, benefitting stall holders and other local businesses.
Market Square is expected to generate an overall boost of $135 million to the SA economy, with the development projected to create over 1,000 much-needed construction jobs.
Once complete, annual precinct visitor numbers are forecast to rise by over a million, with the project also creating better access through Victoria Square, Grote Street and Gouger Street.
To learn more about the Market Square redevelopment, click here.