THE South Australian Government last week announced it has accepted an offer to sell a 16.5-hectare Glenside site to developer Cedar Woods Properties Limited for $25.8 million.
Cedar Woods was selected as the preferred proponent last year based on its vision for the site, which includes about 1,000 medium to high density homes, as well as maintaining five hectares for open space and stormwater detention.
Cedar Woods estimates the project will generate the equivalent of 450 full-time construction jobs over a 10-year construction period and $400 million in construction and directly related activity, in addition to substantial wider economic benefits.
The sale of the land will help to pay for a new mental health facility on the site and is subject to a number of conditions including the outcome of a Development Plan Amendment.
The masterplan for the site envisages housing adjacent to existing properties to be up to two storeys, as well as a mix of two and three storey detached houses and townhouses, with a two-story limit adjacent to existing properties, as well as apartments varying in height up to eight storeys.
Housing and Urban Development Minister Stephen Mullighan said the Glenside masterplan proposal reflects a desire to carefully balance the demand for higher density city living with the amenity of neighbouring properties.
"With a component of affordable homes, this project will provide a rare opportunity to live in Adelaide's eastern suburbs, with plenty of open space as well as being close to the city," Mr Mullighan said.
All heritage buildings will be retained and adapted for re-use, including the Elms building which will become a focal point for recreation and relaxation.
Cedar Woods Development Director Patrick Archer said the Glenside site represents Adelaide's finest urban renewal development opportunity that will provide a mix of apartments and townhouses in stages over an 8 to 10 year period.
"The architecture will reference the materials, colours, alignment and proportions of the heritage buildings with a contemporary design aesthetic. Open spaces will be lush, green and inviting for the broader community to enjoy," Mr Archer said.
Cedar Woods could begin work on site as early as October subject to approvals, with formal settlement scheduled for early 2017.
The Department of Planning, Transport and Infrastructure is currently consulting on the Development Plan Amendment with written submissions until 17 August 2016.