Seniors chase downsizer units in mixed use city centre sites
LONDON: Seniors are chasing downsizer units in mixed-use city centre sites in major cities.
The Le Cornu site in North Adelaide – SA’s most notoriously empty block of land – has a new $250m “three towers” vision being backed by the City Council.
A trio of towers comprising apartments, offices, cafes and shops would be set back from tiered levels of parks and open space under the latest plan to develop the former Le Cornu site in North Adelaide.
Adelaide developer Commercial & General has unveiled its $250m vision for the long-vacant site, which has been dogged by controversy and delay for more than 30 years.
The Adelaide City Council formally announced its preferred developer on Wednesday afternoon, more than a year after The Advertiser reported on Commercial & General’s winning bid.
Known as Eighty-Eight O’Connell, the proposed development includes a mix of apartments, offices and retail spaces in three high-rise towers along O’Connell Street, supported by close to 400 car parks across three basement levels.
Reaching up to 15 storeys, it is almost double the eight-storey height limit set out in the council’s guiding principles, which were released prior to it seeking interest from developers.
Commercial & General is expected to commence the development application process in the first half of next year, with construction planned for a start in 2022 and completion in 2025.
A range of commercial tenants, including in the technology, wellness and medical industries would be sought, according to Commercial & General executive chairman Jamie McClurg, while a section of the site would feature an organic marketplace and dining options.
He said as a local resident, the site held special significance for him.
“While we are a national business our roots are in South Australia and, as a long-time North Adelaide resident, I feel a sense of responsibility to deliver a project of significance on this landmark site,” he said.
“It will take a high level of commitment, not only from us as the developer, but also from the community whose support will be a critical factor in its ultimate success.
“We have applied a very deliberate philosophy to the concept design, understanding the importance of creating a development that will both complement the existing environment while also bringing new levels of vibrancy and excitement to the area.”
The council purchased the 7500sq m site in 2018 for $34m, taking over control with the help of a $10m contribution from the State Government.
In a statement, it said Commercial & General’s proposal delivered a commercial return, balanced with a design that would support the revitalisation of the O’Connell Street precinct.
The commercial terms of the agreement between council and developer remain confidential.
It is estimated that 433 jobs will be supported through the construction process, with up to 500 ongoing roles following completion.
Lord Mayor Sandy Verschoor said the project would be “defined by exceptional architecture, vibrant public art, sustainable building solutions and engaging place-making”.
She said it was discovered during the expressions of interest process that the feasibility of the project relied on taller buildings than originally intended.
“There was a lot of attention paid to setbacks and shadowing, and making sure that we had the open spaces but also throughfare – so you can move through site as well as around the site,” she said.
“From the concepts released today we can see the development will include a stunning mix of residential, together with retail and commercial uses, with new public open spaces for everyone to enjoy.”
