THE South Australian Government last week announced a $46.5 million investment that aims to transform the Adelaide Festival Centre Plaza into a unique cultural and entertainment hub within the Riverbank Precinct.
A 1400-space car park will be developed by Walker Corporation to replace the deteriorating Festival Centre Car Park. The new car park will sit under a new plaza space extending all the way to the Festival Centre.
The government's investment will contribute to the car park, the plaza and the interface between the plaza and the Adelaide Festival Centre. Transport and Infrastructure Minister Tom Koutsantonis said the investment ensures the government maintains control over the plaza area.
"We have ruled out the development of any office towers on the Plaza because we want to ensure it remains a place for arts, culture, tourism and entertainment" Mr Koutsantonis said.
"Our strategic investments will continue to unlock hundreds of millions worth of developments around the Riverbank and a new Riverbank Authority will be tasked with ensuring the developments occur in coordinated and collaborative manner."
Under the agreement with Walker Corporation, the State Government will lease 400 car park spaces at a capped cost of $30 million over 30 years. About 400 spaces will be provided to the Adelaide Festival Centre to be used as an ongoing revenue stream, with some reserved for Parliament House use.
The remaining 1,000 car park spaces will be leased to SKYCITY for its exclusive use and to support its $350 million casino and hotel redevelopment.
Premier Jay Weatherill said the plaza will be the centrepiece of the Riverbank precinct and city's premier cultural and entertainment place. He added that the project is the first stage in a greater redevelopment of the Adelaide Festival Centre.
Former Managing Director of Tourism Australia, Andrew McEvoy, has been appointed chair of the new Riverbank Authority.