The former Franklin Street bus station will be transformed into a 392-apartment community under a Malinauskas Labor Government plan to deliver more affordable housing in the Adelaide CBD.
Adelaide City Council – which owns the land – has chosen Government agency Renewal SA as the preferred proponent to develop the site, which will deliver more than 35 per cent affordable housing.
At least 137 affordable studio, one and two-bedroom apartments – 51 for sale and 86 for rent – will be split across two mixed-used towers, cccapable of accommodating more than 1,000 people.
The project features the city’s first build-to-rent (BTR) development in the west tower (196 BTR apartments across 14 storeys) aimed at improving rental outcomes, while the east tower will house residential for sale and rental (196 apartments across 18 storeys). The west tower will also include four levels of commercial space and a further eight levels of hotel accommodation.
Construction of the Franklin Street site will be staged and is expected to start in early 2026, paving the way for the first residents to move in by 2028.
The project – known as Tapangka, which is Kaurna for ‘the experience of journey’ – will also feature a civic centre with strong links to the local arts community, which along with the 208-key hotel, will make the precinct an instant tourism drawcard.
Provision of electric vehicle charging will be included as part of the carbon neutral-targeted development, helping drive the State’s aim to lead EV transition in Australia.
More than 1,300 jobs are expected to be created during construction alone, with the project set to contribute more than $161 million of Gross Value Add to the State.
Development on the former bus station site will start following completion of the nearby Market Square upgrade to ensure sufficient car parking for Central Market customers is maintained during the Market precinct’s construction phase.
The entire project – backed by significant private industry, not-for-profit sector, local government and community support – is anticipated to be complete by 2029.
The high-quality, diverse housing mix proposed builds on the critical land supply boost of nearly 2000 new homes in Adelaide’s north and south announced earlier this week.
Premier Peter Malinauskas says that the Government is doing everything they can to deliver affordable housing for South Australians at a time when the Australian dream of owning your own home feels harder to reach.
“Now is the time to bring to life land across our State to provide a boost to the housing market – we want to increase stock and drive down prices.”
“The development will also significantly expand commercial, retail, and food and beverage offerings in the city’s south while adding to the Market Square upgrade to further activate the site and attract visitors.”
Minister for Housing and Urban Development Nick Champion says “This city-defining project, driven by affordable housing, will open the door to inner city living for South Australians who find themselves locked out of a market under significant pressure.”
“We are bringing the Build-to-Rent model into the CBD for the first time, providing another way to help address housing shortages and ease the rental squeeze.”
City of Adelaide Lord Mayor Dr Jane Lomax-Smith says “The State Government’s proposal will help accelerate investment and growth within our city. Adelaide needs more affordable housing, so I’m pleased this plan includes 35 per cent affordable housing, more than double the 15 per cent requirement – as well as build-to-rent apartments and an opportunity for investment in community space.”
“There will also be space for retail and hospitality outlets, and a mixed-use development, which will no doubt enhance and support the much-loved Market District.”
