South Australia’s Festival Plaza is poised for a significant facelift with the proposed development of a sleek, modern, 38-storey high-rise tower.
Reputed developer Walker Corporation has scrapped its original plans for a three-storey retail building, proposing instead a mixed-use tower packed with public amenities. This tower marks a significant commitment of private investment, illustrating a robust confidence in the future of South Australia.
The Premier, Peter Malinauskas MP, commented on the project: “Our state is growing up. This is a meaningful demonstration of private capital investment showing confidence in the future of our state. this proposal delivers more public space in Festival Plaza and a better heritage outcome for Parliament House.” He proudly highlighted the fact that South Australia now boasts the lowest unemployment rate in the country and commands the nation’s strongest economy, something to which this new project will undoubtably contribute.
Apart from 36 floors of commercial office space, the proposition also includes provisions for a 3,000sqm public civic space across four podium levels, suitable for a variety of uses ranging from parliamentary events to cultural performances and art exhibitions.
The plaza benefits from a grand glass foyer, intended to provide an unhindered view of the Parliament House from Festival Plaza, a feature that would have been obscured by the previously slated three-storey building.
Minister for Housing and Urban Development, Nick Champion MP, spoke of the redevelopment’s potential to breathe life into the Riverbank Precinct. He said, “The creation of a second tower at Festival Plaza will further rejuvenate an underutilised area in the Riverbank precinct. This project will activate a strategic area of the city while creating more than a thousand jobs during construction.”
Walker Corporation Managing Director and Chief Executive Officer David Gallant also shared his optimism regarding the project. He referred to it as an “ultimate balance between a modern, slender tower that is also sympathetic to the heritage of Parliament House.”
He further noted that the new tower would generate more than 9,500 jobs, underpinning Lang Walker’s vision of Festival Plaza as one of the world’s most celebrated squares.
Adding to the 9,500 projected jobs, the project may generate a further 1,300 construction and associated jobs over the course of the build, creating a significant economic stimulus for the area. In addition to the significant job opportunities, Walker Corporation is expecting the project to yield more than $1 billion in annual economic activity.
The project’s proposal has already received cabinet approval and will now seek planning approval. Should all go according to the schedule, construction would commence in 2025, with a completion target of mid-2027.
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