THE South Australian Government has granted approval for a new transport orientated development on a 16 hectare site at Bowden, approximately 2.5 kilometres north-west of Adelaide's CBD.
According to the Bowden Urban Village master plan, the former industrial site will be transformed into a medium density, mixed-use development for up to 3,500 residents once completed.
The development will feature over 2,000 dwellings, cafes, speciality shops, offices, and open space.
It is anticipated that the development will generate $1 billion worth of investment before it is complete.
"This development flags the beginning of a major transformation of Adelaide's metropolitan landscape, setting a new national benchmark for higher density community living,'' SA Premier Mike Rann said.
The Property Council of Australia welcomed the announcement, calling it a major boost for infill development and a model that future infill communities in Adelaide will be based upon.
"Bowden Village will be Adelaide's first planned, high density, walkable community. It will soon become a beacon for home buyers and investors attracted to the appeal of new suburbs with inbuilt amenity," Property Council (SA Division) Executive Director Nathan Paine said.
The Bowden Urban Village development project is being led by the Land Management Corporation (LMC). The LMC will continue to oversee development of the Bowden Urban Village project for its anticipated project life of 10 to 12 years.
LMC purchased the 10 hectare Clipsal site at Bowden from Gerard Corporation in November 2008. In March 2010, LMC purchased the 6 hectare former gasworks site from Origin.