Boomers seek downtown vertical living communities with streetlife

LONDON: Baby boomers are increasingly seeking downtown vertical living communities with street life and cultural diversity.

The $400m Adelaide Central Market development, which involves demolishing the Central Market Arcade, will begin in June after council approval to design changes.

The project – named Market Square – involves a new retail space, offices and an apartment tower, including a $10m penthouse.

In a meeting Tuesday night, Adelaide City Council approved an additional 21 apartments as well as other design changes to the project, which is scheduled to be completed in three years.

The changes to the project’s design came after global construction costs rose by around 20 per cent, prompting council to increase their budget for the multimillion-dollar project to $31.92m, $9.3m more than originally planned.

Developer ICD Property’s CEO Matt Khoo said it was “no secret” the construction industry was under pressure. But he said ICD Property had been able to “safeguard Market Square from the worst of it”.

The increase in apartments means the 37-level residential tower will grow by two storeys.

Commercial office space will also increase to about 20,000 square metres.

Residential car spaces have been moved to the basement and loading zones increased to support traders in the building.

The retailers facing Grote St will also include balconies and the podium rooftop space will be lowered from level five to level four.

Lord Mayor Jane Lomax-Smith said she was pleased the project, which is projected to deliver a $135m boost to the SA economy, would begin in June.

“While there is a further financial contribution from council, it is not unusual given the challenges facing the construction sector globally, and council’s contribution reflects the increased costs in the sector,” she said.

“I am also encouraged to see the escalation in costs has been limited, when we are currently seeing construction costs in general rising by more than 20 per cent.”

Construction on the new building was originally set to begin in 2021, however it has been pushed back several times.

Adelaide Central Market chair Theo Maras said the project would deliver great results for the market’s traders.

“I have been coming to the Adelaide Central Market since the 1950s and this is truly a one-in-a-100-year opportunity to expand our iconic market and ensure its future in the hearts and minds of the next generation of South Australians and all who do business and visit here,” said Mr Maras.