CONSTRUCTION has begun on the redevelopment of Dock One at Port Adelaide into a residential, commercial and tourist precinct, after contracts for more than 21 hectares of waterfront land were finalised.
The South Australian Government has accepted offers from Starfish Developments for the Dock One and Port Approach sites, and Cedar Woods for the North West and Fletcher's Slip precincts.
Together the proposals are expected to generate more than $280 million in private investment and deliver approximately 1,150 new homes for up to 2,600 new residents.
Construction has started on the first stage of the Starfish Developments proposal at Dock One, with major contractor McMahon Services working on site preparation.
The proposal also includes redeveloping the Marine and Harbors building into apartments and ground floor retail premises, with 650 homes planned for the seven-hectare Dock One and Port Approach (South) sites.
Following public consultation, extra open space has been included, while public access to the waterfront will be maintained with a promenade and a pedestrian bridge across Dock One.
Approximately 500 homes are also planned for the 14-hectare North West and Fletcher's Slip precincts. The redevelopment includes re-using the Fletcher's Slip buildings, significant open space and a second pedestrian and vehicle connection from New Port Quays to Semaphore Road.
The Port Adelaide Precinct Plan identifies potential investment in the Port of more than $1 billion, including about 2,000 new homes, more than 350 construction jobs a year and up to 2,000 ongoing jobs.
The preferred proponents were identified through an expressions of interest process before being shortlisted and then entering exclusive negotiations with the State Government.
Housing and Urban Development Minister Stephen Mullighan said the development of the prime waterfront sites will rejuvenate the Port and attract thousands more people to live, work and visit this historic maritime precinct.
"We have worked hard to strike the right balance between attracting more people to live in Port Adelaide and ensuring that any developments are in keeping with what the community wants for the district," the Minister said.