A $500 million private commercial and retail development at Adelaide's Festival Plaza has been approved in another milestone for the redevelopment of the Riverbank precinct.
Walker Corporation has received approval from the Development Assessment Commission for the 27-storey office tower which also includes up to three levels of retail development and five levels of carpark. The development will involve the demolition of the existing plaza and the carpark.
The DAC concluded that the development would bring a range of uses including retail and commercial which would highly activate the space during the daytime and the evening and would help to revitalise and rejuvenate the plaza as a desirable place to visit.
Walker Corporation Chairman, Lang Walker, said the proposal is based on the company's successful and proven mixed-use approach that will help to revitalise the city centre.
"We congratulate the government on its progressive thinking in replacing and expanding the derelict carpark and spaces in the entertainment precinct with a modern facility that meets the latest codes and regulations, as well as linking the city to the river and Adelaide Oval," Mr Walker said.
The approval brings the more than $900 million redevelopment of the Adelaide Festival Plaza precinct a step closer.
The overall development includes a new square, northern promenade and Art Space Plaza, as well as a reimagined Station Road and a new entry to the Adelaide Railway Station. It also includes a $90 million upgrade to the Adelaide Festival Centre and the proposed SKYCITY Casino expansion.
The revitalisation of the Festival Plaza precinct aims to link Adelaide's premier Riverbank attractions such as the Adelaide Oval, Adelaide Festival Centre and Adelaide Casino.
The State Government is contributing $180 million towards the Festival Plaza and Adelaide Festival Centre redevelopment, with a $40 million contribution from Walker Corporation.
The DAC approval does not include the public realm, which is subject to a separate application by DPTI approved under the crown development application process.
More information on the Festival Plaza project is available from Riverbank Authority website at <https://theadelaideriverbank.com.au/projects/adelaide-festival-plaza-upgrade/>.