[U/C] Central Market Arcade Redevelopment | 130m | 39 levels

[SouthAussie94]

Piling here will be starting soon-ish. Not sure on exact timelines but expect this to ramp up in the near future.

My source who told me this in September yesterday told me that works here were 'months away'.

Might be time to get a better source for this project..

[EBG]

There was an excavator and several dump trucks removing soil yesterday on site Gouger St side.

[timtam20292]

So is it safe to say that the basement excavation has commenced?

[timtam20292]

In answering my own question - I walked past today and there was no action on site. Wtf is going on?


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[EBG]

Not just yet- this site is not 'under construction'.. today there was actually no one on site- just 1 large excavator, 1 small excavator and 1 water truck but no workers. At this stage with just a couple of workers on site now and then this site could still only be considered as only "minor civil works". When there is 15-20 workers on site every day then it is 'under construction'
Hopefully this will be Soon..

[timtam20292]

Well then, I don’t know how others feel but I’m sure they feel the same as I do - the waiting game for this development is becoming painfully frustrating.

Do we know if there is still the issue with asbestos?

[Pikey]

There's a pretty good chance yesterday was a monthly RDO - pretty common in the industry. Plus it could be civil contractors doing the soil remediation prior to handing the site over in full to BM.

I appreciate the enthusiasm and monitoring but there will be days of little action, it doesn't spell doom for the project. I mean people were getting worried about the return to work date of the Adelaidean across the road, thinking it had stalled too. Let's not panic too much! It's been noted asbestos is an issue on this site and the process to have it completely and safely removed (especially as it was buried in soil around the site) is a slow and thorough one.

[Ben]

No piling until after Easter.

Market Square developer dismisses fears over future of $400m development
The developer behind the $400m redevelopment of the Central Market Arcade has dismissed concerns about the future of the project amid fears of more delays.

Giuseppe Tauriello

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Question marks about the future of the project have been swirling in property circles in recent weeks following promises in November that work on-site would recommence “in the new year” following the removal and clean-up of asbestos discovered during demolition works.

However given the slow start to the new year, with few workers found on-site most days, there are growing fears of more delays.

Industry sources have suggested a failure to secure tenants for the office component of the project is posing a challenge, and could push out timelines by several months.

“My understanding is that there are issues with the precommitment required for the office component of the project and that is holding things up,” one industry source, who declined to be named, said.

“The apartments are OK, the hotel is OK, but they need a level of office precommitment to make the project stack up and get it off the ground.”

Work on the Market Square project – a joint venture between Melbourne developer ICD Property and the Adelaide City Council – was originally meant to start in 2021 and be completed later this year.

But the project has been hit with a series of delays, most recently due to last year’s asbestos find and design changes that were approved close to a year ago.

However ICD chief executive Matt Khoo said site works had recommenced in January following remediation of the site, with construction of a piling platform the first step towards a ramp up in activity in the coming weeks.

“The complex earthworks program will continue until Easter after which a piling rig will arrive from interstate and the basement retention system will get underway,” he said.

“The basement and loading dock requirement for a project of this size is substantial. The loading dock itself needs to service the supermarket, 10,000sq m-plus of retail space, a commercial office building, as well as hundreds of hotel rooms and apartments.

“The significant size of the basement means that works will be happening below the surface, not visible from the street but rest assured there is plenty going on down there.”

According to latest estimates, the first stage of the project, including the office component and first-stage apartments are due for completion in 2025, ahead of a new retail offering and hotel in 2026.

The development will feature a hotel, 234 apartments, 21,700sq m of A-grade office space, a 11,000sq m-plus retail precinct and a 3000sq m elevated garden.

In March last year, the council approved an additional 21 apartments, more office space and two extra storeys, in a move viewed by many in the property industry as an attempt to bolster the project’s finances.

The amendments came after global construction costs rose by around 20 per cent, prompting council to increase its contribution to the project to $31.92m, $9.3m more than originally planned.

[citywatcher]

As much as they try to deny it this project has had problems since day one. It's already nearly 2 years behind schedule. Remember one of the backers pulled their money out right from the start . Wise move. Anything the ACC is involved in is unfortunately almost a red flag from the start .

I think the office space part is clearly the main issue.
There is an over supply and this isn't positioned very attractively and IMHO appears unsympathetic to the rest of the development as if it was just tacked on to try and help pay for the rest of it .

Should have just built the apartments and shops and let the ACC find another sauce ( sic ) of revenue .

Ok . Shoot me down.

[Prodical]

I agree.

long delays lead to increased costs and this development is troubled. The apartments sold out quickly, so would hate to be an apartment buyer with no completion date in sight.

It's not the builder going slow - Multiplex are experienced and can move quickly. There must be finance problems and having no site progress only makes it worse.

[[Shuz]]

Just to point out the elephant in the room, there's a housing crisis going on and a very high vacancy rate of commercial office space in the CBD.

I think they need to rejig the office component into a residential tower.

[Prodical]

Yes Shuz, agreed

A large residential development over the market area would make good sense and I imagine apartments would sell quickly.

[arki]

Haven’t the courts been crying out for ages about getting new space, and only months ago it seems (https://www.indaily.com.au/news/2023/11 ... facilities), surely this site would suit them well, even though we would all rather that blight on KW st got properly redeveloped.

[rev]

Haven’t the courts been crying out for ages about getting new space, and only months ago it seems (https://www.indaily.com.au/news/2023/11 ... facilities), surely this site would suit them well, even though we would all rather that blight on KW Rd got properly redeveloped.

True, would be a good spot for a modern/sleek/glass tower serving courts and courts administration. But this is Adelaide, those with decision making positions can't see past their own noses to work something so blaringly obvious even if the solution to their problem is starring them in the face.


And to Shuz's comment, wasn't the city council supposed to be running some program where vacant office buildings were being converted to apartments?

[Prodical]

The builder does not make it easy to take a photo.

Still a couple of excavators working.