[PRO] Fmr Franklin Street Bus Station | Tapangka | 26/18 Lvls | Mixed-Use Precinct

[SRW]

Finally, a goverment-led CBD affordable housing initiative. Renewal SA is purchasing the long moribund Franklin Street Bus Station from Council for new princinct called Tapangka (Ta-pun-ka).

Site:

Key info:

• 6850sqm site
• 26-storey west tower, 18-storey east tower, ~5 storey civic centre
• 392 apartments
• 35% affordable (~137 apartments)
• 1,000-plus residents
• 208-room hotel
• expected commencement 2026, complete 2029

Announcement:

WHEELS IN MOTION FOR LANDMARK AFFORDABLE HOUSING PRECINCT AT FORMER ADELAIDE BUS DEPOT
2 May 2023, Renewal SA

Renewal SA will purchase the former Adelaide Bus Station site on Franklin Street as part of an ambitious plan to deliver unparalleled levels of affordable housing to Adelaide’s CBD.

The precinct, to be known as Tapangka, will shift the dial on urban living in Adelaide, offering a blend of long-and-short term housing options and contemporary commercial, civic and retail spaces. These dynamic spaces will be attractors to the city, increasing visitation and nourishing surrounding businesses, as well as being complementary extensions of the Adelaide Central Market experience.

Renewal SA will act as master developer of the 6850sqm site after being chosen as the successful proponent by the Adelaide City Council, which put the high-profile city site out to market last year.

1,000-plus residents will join the much-loved market district, living across two mixed-use towers that will house around 392 apartments. At least 137 (35%) of these will be affordable, including 51 affordable sale apartments and 86 affordable rental apartments.

The precinct will also include a 208-key hotel to accommodate regional, national and international visitors and will be the first CBD location to feature the emerging build-to-rent apartment model.

The new approach to city living – which caters for the immediate and future need of a broad range of people – is inspired by the experience of going on a journey: a journey of reconciliation, a journey of home ownership, a journey towards sustainability and a journey of collaboration between the city and the state to achieve the best outcomes for the community. In Kaurna language, this experience is known as Tapangka (Ta-pun-ka).

The bold vision for Tapangka puts the human experience at the heart of the built environment and aims to create a lifestyle offering that positions it as one of the most vibrant and inclusive residential developments and precincts in the state.

A central civic building will be a place of entertainment, culture and community, and a showcase of the very best of sustainable construction within a development that is targeting carbon neutrality precinct-wide. This aims to be achieved via the use of sustainable building materials, reduced energy consumption and through the promotion of clean transport options and electric vehicle usage.

A network of tree-lined laneways or ‘eat streets’ will spill out onto the footpaths between Franklin and Grote streets, offering a combination of casual eateries and sit-down restaurant options both day and night. They will be surrounded by a backdrop of living green walls that will provide shade and cooling and mitigate the impacts of the heat-island effect.

Public open space owned by the City of Adelaide along Grote and Bowen streets will undergo a $1.2 million upgrade by the state as part of the development in addition to extensive public art throughout Tapangka. The celebration of Kaurna culture will also be a significant feature of Tapangka’s identity.

The multi-million-dollar development will become a significant jobs driver for South Australia. During the construction period alone, Tapangka is expected to generate 1,300-plus jobs and contribute more than $161 million of Gross Value Add to the state.

Minister of Housing and Urban Development Nick Champion said the thoughtful integration of attractions, connections, housing variety and public realm would elevate Adelaide’s reputation as a lifestyle capital.

“This city-defining project, driven by affordable housing, will open the door to inner city living for South Australians who find themselves locked out of a market under significant pressure,” Minister Champion said.

“We are bringing the Build-to-Rent model into the CBD for the first time, providing another way to help address housing shortages and ease the rental squeeze.”

As part of the proposed deal, the City of Adelaide will retain use of the site until the end of 2025 allowing for the continued, short-term provision of on-site car parking during the core redevelopment phase of the nearby Central Market Arcade.

City of Adelaide Lord Mayor Jane Lomax-Smith said Council’s desired outcomes will all be achieved within the redevelopment.

“The State Government’s proposal will help accelerate investment and growth within our city,” Cr Lomax-Smith said. “Adelaide needs more affordable housing, so I’m pleased this plan includes 35 per cent affordable housing, more than double the 15 per cent requirement – as well as build-to-rent apartments and an opportunity for investment in community space.

“There will also be space for retail and hospitality outlets, and a mixed-use development, which will no doubt enhance and support the much-loved Market District.”

Renewal SA has a legacy of city-shaping projects and proven experience in master developing precincts of scale including urban infill redevelopment at Bowden, and the adaptive reuse of the former Mitsubishi car plant in Adelaide’s south to create Tonsley Innovation District.

Renewal SA Chief Executive Chris Menz said the agency would continue to undertake significant engagement with First Nations people to deliver the Tapangka vision and draw on the very best talent the development sector had to offer.

“This is a significant economic opportunity and a chance to set a new benchmark for inner city living so we need to enlist the most experienced and expert development partners from private industry, the not-for-profit sector, other levels of government and our First Nations people and local communities to participate in this project,” Mr Menz said.

“Our key focus is to drive the long-term sustainability and prosperity of our capital and our state, and this is a substantial chance to revitalise a beloved part of our city by creating a thriving, multi-functional precinct that delivers high quality outcomes across a mix of housing, retail and commercial uses.

“The precinct will leverage Adelaide’s new confidence and international outlook by being bold in design, unapologetic in purpose and wholly focused on making people’s lives richer, easier and more connected – all the while targeting carbon neutrality.”

Bringing stakeholders ‘on the journey’ via ongoing engagement will form a strong part of Renewal SA’s governance over the Tapangka project and instil an early sense of local pride and ownership of the project.

Construction of the Tapangka precinct will be staged and is expected to commence in early 2026 with opportunities for designers, developers and builders to participate in the project. Project completion is anticipated by 2029.

[SRW]

More details in following articles:

• 'Plans underway for old Franklin Street bus station to be redeveloped into apartment towers' — ABC News
• 'Hotel, hundreds of apartments plan for old bus terminal' — InDaily
• 'Affordable housing key part of market district renewal' — Adelaide City Council

Another render:

Video from Renewal SA:
https://vimeo.com/822564624

[Nathan]

My first thought is that this only adds to case for the East-West separated bikeway along Franklin/Flinders St that the council scrapped.

It sounds like an excellent development, addressing affordable housing in the city and bringing in some diversity to the market (that is dominated by either luxury apartments or student apartments in the CBD, with little in between).

[[Shuz]]

I count 19 levels on the left tower and 26 levels for the right tower.

[rev]

I count 19 levels on the left tower and 26 levels for the right tower.

I counted 24 on the right.

[SBD]

What is "the emerging build-to-rent apartment model"? How is that different to the 1950s flats at Elizabeth (and maybe elsewhere) or any number of townhouses, duplex and freestanding houses that have been built by the Housing Trust or its successors over the years?

I found the entire article so full of jargon and buzzwords that it was difficult to find a sentence of plain English.

[ChillyPhilly]

Fantastic plan. Sorely needed in every regard.

[Cryptic]

Seems like an excellent high quality development for the CBD. Glad to see the percentage of affordable housing.

[Nathan]

What is "the emerging build-to-rent apartment model"? How is that different to the 1950s flats at Elizabeth (and maybe elsewhere) or any number of townhouses, duplex and freestanding houses that have been built by the Housing Trust or its successors over the years?

I found the entire article so full of jargon and buzzwords that it was difficult to find a sentence of plain English.

Build-to-rent means a single landlord for the building, rather than each apartment being owned by a potentially different investor. As far as I know this is only the second such building planned in Adelaide (after one announced for Bowden).

[ozisnowman]

A focus to build to rent and affordable housing in inner metro and central business district would certainly liven the place up leading to more growth, tourism etc. With this and the central markets and victoria tower - Grote St could look quite different in a few years.

I think the government should be congratulated for this plan however it should be doing much more - more inner city apartments which are affordable for purchase or for rent makes much more sense from an infrastructure spend rather than building more and more outlying suburbs that require roads, power, sewage, water, nbn, schools, shops etc.

[SBD]

What is "the emerging build-to-rent apartment model"? How is that different to the 1950s flats at Elizabeth (and maybe elsewhere) or any number of townhouses, duplex and freestanding houses that have been built by the Housing Trust or its successors over the years?

I found the entire article so full of jargon and buzzwords that it was difficult to find a sentence of plain English.

Build-to-rent means a single landlord for the building, rather than each apartment being owned by a potentially different investor. As far as I know this is only the second such building planned in Adelaide (after one announced for Bowden).

I'm pretty sure that the Housing Trust owned all the Cambridge Flats, Gloucester Flats, etc around 1960s Elizabeth. Maybe they don't count because that was Liberal government and this is a new idea for Labor? Much of the Housing Trust property around Elizabeth was sold to its tenants in the 1980s I think.

[Llessur2002]

So who becomes the landlord? Does the developer retain ownership of the building, or can this be purchased by another party? If so, what are the controls (if any) over onselling of the building and whether or not apartments can ever be converted to private ownership? Is this a regulated area, or is it a bit of a free-for-all?

[Algernon]

What is "the emerging build-to-rent apartment model"? How is that different to the 1950s flats at Elizabeth (and maybe elsewhere) or any number of townhouses, duplex and freestanding houses that have been built by the Housing Trust or its successors over the years?

I found the entire article so full of jargon and buzzwords that it was difficult to find a sentence of plain English.

Build-to-rent means a single landlord for the building, rather than each apartment being owned by a potentially different investor. As far as I know this is only the second such building planned in Adelaide (after one announced for Bowden).

I'm pretty sure that the Housing Trust owned all the Cambridge Flats, Gloucester Flats, etc around 1960s Elizabeth. Maybe they don't count because that was Liberal government and this is a new idea for Labor? Much of the Housing Trust property around Elizabeth was sold to its tenants in the 1980s I think.

The term "build to rent" is being misused in the article. Basically, a buzz word when it shouldn't be at all.

Build to rent is actually a very simple thing and very simply differentiated from public housing. They're private developments. Not public.

As a sector of the private developers, it has only really emerged in a big way in the last 10 years.

[Algernon]

So who becomes the landlord? Does the developer retain ownership of the building, or can this be purchased by another party? If so, what are the controls (if any) over onselling of the building and whether or not apartments can ever be converted to private ownership? Is this a regulated area, or is it a bit of a free-for-all?

If it were a BTR scheme, the developer would retain ownership of all the apartments and provide all the services associated. A BTR development is really like having a single source for everything rather than an agent acting in between.

This isn't a BTR, it's a public development or maybe will be a PPP to fund it. You'd expect management to remain with the state government because it's just a fancy way of saying public housing but using a fancy and wrong name for it.

[Nathan]

What is "the emerging build-to-rent apartment model"? How is that different to the 1950s flats at Elizabeth (and maybe elsewhere) or any number of townhouses, duplex and freestanding houses that have been built by the Housing Trust or its successors over the years?

I found the entire article so full of jargon and buzzwords that it was difficult to find a sentence of plain English.

Build-to-rent means a single landlord for the building, rather than each apartment being owned by a potentially different investor. As far as I know this is only the second such building planned in Adelaide (after one announced for Bowden).

I'm pretty sure that the Housing Trust owned all the Cambridge Flats, Gloucester Flats, etc around 1960s Elizabeth. Maybe they don't count because that was Liberal government and this is a new idea for Labor? Much of the Housing Trust property around Elizabeth was sold to its tenants in the 1980s I think.

Build-to-rent doesn't necessarily mean public owned.

The advantages can be that an investment company is more likely looking at the long term value of the entire building, rather than individual investors looking at quicker gains and may cash out. That means renters have a much higher level of stability (and can also facilitate things like making it easier for renters to move to other apartments in the building as their requirements change). It also means things like Airbnb can easily be excluded from the building.