[U/C] Re: Central Market Arcade Redevelopment | 124m | 38 levels
Posted: Fri Feb 10, 2023 6:41 pm
I'm surprised (or maybe unsurprised) Council has not placed strict timelines on this as part of its development agreement.
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Central Market Arcade Redevelopment | 130m | 39 levels
https://mail.sensational-adelaide.com/forum/viewtopic.php?t=6912
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[U/C] Re: Central Market Arcade Redevelopment | 124m | 38 levels
Posted: Fri Feb 10, 2023 6:48 pm
Well, one would have thought that they would have imposed conditions in order to maximise rates revenue sooner upon opening. It seems ludicrous that they would forfeit up to a year's - if not more, worth of rates? Granted, a year is nothing given the tower itself will be around for 100+ years plus, but you'd think they'd want to recoup some of the development costs now?
[U/C] Re: Central Market Arcade Redevelopment | 124m | 38 levels
Posted: Fri Feb 10, 2023 9:05 pm
That run-down hole of an arcade that closed May last year was my run-down hole of an arcade. They better replace it quick smart with something good!
[U/C] Re: Central Market Arcade Redevelopment | 124m | 38 levels
Posted: Wed Feb 15, 2023 12:51 pm
Indaily piece on the delays: https://indaily.com.au/news/2023/02/15/ ... e-project/
[U/C] Re: Central Market Arcade Redevelopment | 124m | 38 levels
Posted: Wed Feb 15, 2023 4:14 pm
3.5 years to build this!? I know it's a large site but jeez I've seen taller buildings and bigger blocks on the East Coast go up in far less time than that.
[U/C] Re: Central Market Arcade Redevelopment | 124m | 38 levels
Posted: Wed Feb 15, 2023 4:54 pm
what they wont tell you is the war against Russia and sanctions has cut the supply chain of laminated timber widely used in the construction industry
[U/C] Re: Central Market Arcade Redevelopment | 124m | 38 levels
Posted: Wed Feb 15, 2023 5:14 pm
[U/C] Re: Central Market Arcade Redevelopment | 124m | 38 levels
Posted: Thu Feb 16, 2023 4:27 am
[U/C] Re: Central Market Arcade Redevelopment | 124m | 38 levels
Posted: Thu Feb 16, 2023 5:23 am
who else are we at war against?[U/C] Re: Central Market Arcade Redevelopment | 124m | 38 levels
Posted: Thu Feb 16, 2023 5:24 am
[U/C] Re: Central Market Arcade Redevelopment | 124m | 38 levels
Posted: Thu Feb 16, 2023 10:48 am
[U/C] Re: Central Market Arcade Redevelopment | 124m | 38 levels
Posted: Thu Feb 16, 2023 10:49 am
The indaily article was about the timeline changes to the project. Can you cite your source for laminated timber restrictions having an impact on the timeline changes to this development?
[U/C] Re: Central Market Arcade Redevelopment | 124m | 38 levels
Posted: Thu Feb 16, 2023 11:24 am
What you are saying about the sanctions on Russia impacting on the supply of laminated timber to the construction industry is correct. There would be some impact on timber formwork for concrete structural elements, however, structural laminated timber has not been specified for this project. There is evidence that Russia is getting around these sanctions via China though.
[U/C] Re: Central Market Arcade Redevelopment | 124m | 38 levels
Posted: Wed Mar 15, 2023 12:52 pm
From today's In Daily
Central Market tower now higher: More apartments, more expensive
The Central Market Arcade redevelopment will climb another two levels to 39 storeys and include 21 more apartments, with the Adelaide City Council’s contribution jumping by more than $9 million.
Major works on the $400 million project, which involves demolishing the ageing Central Market Arcade and building a new retail space and office, hotel and residential tower, have also been pushed back until June.
The council has increased its spend on the project by $9.3 million more than originally planned, contributing a total of $31.92 million plus GST.
Changes approved by the council at a confidential meeting last night include increasing the overall height of the Grote Street tower by two storeys – meaning it will now be 39-storeys high – and building an additional 21 apartments.
The council has also agreed to relocate residential car parks to the basement and to increase loading zones for traders.
Retail balconies will be built on the Grote Street façade of the building, and the podium rooftop space will be lowered from level five to level four.
Lord Mayor Jane Lomax-Smith told InDaily that the changes came about during discussions to improve the building’s air-conditioning system.
She said construction costs had also risen by more than 20 per cent, with major projects across the world currently hampered by supply chain issues and skilled worker shortages.
“There’s been a cost escalation and a change in the style of the fit-out and the council therefore has invested more money,” she said.
“At the same time, the cost escalation has forced the developer into making changes as well that they wanted and for their cost escalation they have chosen to put an extra two levels of residential accommodation on.
“There are lots of things happening at once and this is the compromise to allow everyone to proceed.”
Construction on the new building – to be called “Market Square” – was originally set to begin in 2021 ahead of an anticipated opening next year.
But the project’s timelines have been pushed back several times, most recently in November following a request from the Adelaide Central Market Authority to suspend work until February to avoid construction impacts on traders over Christmas.
Lomax-Smith told InDaily last month that major construction works would start in autumn, with the build to take about three years.
The council this morning announced that major works would start in June.
“It’s been delayed multiple times and the current delay is related to the requirement to get a building planning amendment because they’re putting extra apartments on the height and that requires development approval – not by Council but by SCAP (State Commission Assessment Panel),” Lomax-Smith said.
“We hope it would only take six weeks, but we have to understand that these things take time – we can’t hurry them.
“Therefore, conservatively, we’d say that within three months it should be ready to roll.”
InDaily contacted ICD Property CEO Matt Khoo for comment.
In a media release, Khoo said it was “no secret” that the construction industry was currently under pressure around the world.
He said ICD Property had been able to “safeguard Market Square from the worst of it”.
“We are thrilled to be partnering with the City of Adelaide to deliver this transformative development that will be a true source of local pride and a must-visit tourist destination,” he said.
“Adelaide is a fantastic city with a bright future and we couldn’t be more proud to be contributing to its success.”
The council estimates that the project will deliver a “$135 million boost to the South Australian economy”.
Once complete, ICD Property will own and manage the central tower, which will include the supermarket, residential, office and hotel component of the development, as well as an elevated 3000-square-metre public terrace.
The bottom floors will be connected to the Central Market and will include a range of food, wine and homewares shops, as well as restaurants, cafés and bars.
ICD Property has pre-sold over 96 per cent of the apartments and recently announced that HEI Schools had signed a 10-year lease to become the operator of Market Square childcare centre.
Central Market tower now higher: More apartments, more expensive
The Central Market Arcade redevelopment will climb another two levels to 39 storeys and include 21 more apartments, with the Adelaide City Council’s contribution jumping by more than $9 million.
Major works on the $400 million project, which involves demolishing the ageing Central Market Arcade and building a new retail space and office, hotel and residential tower, have also been pushed back until June.
The council has increased its spend on the project by $9.3 million more than originally planned, contributing a total of $31.92 million plus GST.
Changes approved by the council at a confidential meeting last night include increasing the overall height of the Grote Street tower by two storeys – meaning it will now be 39-storeys high – and building an additional 21 apartments.
The council has also agreed to relocate residential car parks to the basement and to increase loading zones for traders.
Retail balconies will be built on the Grote Street façade of the building, and the podium rooftop space will be lowered from level five to level four.
Lord Mayor Jane Lomax-Smith told InDaily that the changes came about during discussions to improve the building’s air-conditioning system.
She said construction costs had also risen by more than 20 per cent, with major projects across the world currently hampered by supply chain issues and skilled worker shortages.
“There’s been a cost escalation and a change in the style of the fit-out and the council therefore has invested more money,” she said.
“At the same time, the cost escalation has forced the developer into making changes as well that they wanted and for their cost escalation they have chosen to put an extra two levels of residential accommodation on.
“There are lots of things happening at once and this is the compromise to allow everyone to proceed.”
Construction on the new building – to be called “Market Square” – was originally set to begin in 2021 ahead of an anticipated opening next year.
But the project’s timelines have been pushed back several times, most recently in November following a request from the Adelaide Central Market Authority to suspend work until February to avoid construction impacts on traders over Christmas.
Lomax-Smith told InDaily last month that major construction works would start in autumn, with the build to take about three years.
The council this morning announced that major works would start in June.
“It’s been delayed multiple times and the current delay is related to the requirement to get a building planning amendment because they’re putting extra apartments on the height and that requires development approval – not by Council but by SCAP (State Commission Assessment Panel),” Lomax-Smith said.
“We hope it would only take six weeks, but we have to understand that these things take time – we can’t hurry them.
“Therefore, conservatively, we’d say that within three months it should be ready to roll.”
InDaily contacted ICD Property CEO Matt Khoo for comment.
In a media release, Khoo said it was “no secret” that the construction industry was currently under pressure around the world.
He said ICD Property had been able to “safeguard Market Square from the worst of it”.
“We are thrilled to be partnering with the City of Adelaide to deliver this transformative development that will be a true source of local pride and a must-visit tourist destination,” he said.
“Adelaide is a fantastic city with a bright future and we couldn’t be more proud to be contributing to its success.”
The council estimates that the project will deliver a “$135 million boost to the South Australian economy”.
Once complete, ICD Property will own and manage the central tower, which will include the supermarket, residential, office and hotel component of the development, as well as an elevated 3000-square-metre public terrace.
The bottom floors will be connected to the Central Market and will include a range of food, wine and homewares shops, as well as restaurants, cafés and bars.
ICD Property has pre-sold over 96 per cent of the apartments and recently announced that HEI Schools had signed a 10-year lease to become the operator of Market Square childcare centre.
[U/C] Re: Central Market Arcade Redevelopment | 124m | 38 levels
Posted: Wed Mar 15, 2023 3:39 pm
Original:
Revised:
It doesn't seem like there's anything too objectionable? The retail balconies to Grote Street are stupid (too exposed to be useful and the protraction detracts from façade versus recessed previously), and the render indicates that the garden structure on the podium will be less grand and a new market entrance not included. But otherwise minimal change, and the stupid pods survive in the laneway. I'd like to think that the 20 new apartments will be affordable to justify the council's extra spend, but I won't hold my breath.
Revised:
It doesn't seem like there's anything too objectionable? The retail balconies to Grote Street are stupid (too exposed to be useful and the protraction detracts from façade versus recessed previously), and the render indicates that the garden structure on the podium will be less grand and a new market entrance not included. But otherwise minimal change, and the stupid pods survive in the laneway. I'd like to think that the 20 new apartments will be affordable to justify the council's extra spend, but I won't hold my breath.