Walker Corporation has committed $600 million to revitalise the centre of Adelaide, with the development of a brand new Festival Plaza, featuring a combination of dynamic entertainment and commercial amenities for both locals and tourists.
Chairman of Walker Corporation, Mr Lang Walker, said: “We will be breathing life back into the Riverside area, which has laid dormant since Don Dunstan’s premiership in the 1970’s, with a project that will become one of the world’s best and most exciting public spaces.
“I congratulate the South Australian Government for its commitment to activate the space, ensuring the people of Adelaide get a great outcome for a tired and under-utilised public domain.”
The $1 billion project will feature a multi-purpose, dynamic 5,000 square metre city square, a 40,000 square metre premium office complex behind old Parliament House and a two storey podium precinct featuring cafes, restaurants and high quality retail outlets.
In addition, a 1,500 bay carpark will replace the current dilapidated 300 bay facility, including 400 spaces to be used exclusively by the parliament staff and a further 750 to be leased to the casino to support its re-development.
“The development will provide a new heart for the city, with the square to be designed to be flexible and accommodate concerts, exhibitions, pop-up food and beverage stands, art and other cultural exhibitions,” said Mr Walker.
He added that the new city centre would be integrated with many of the city’s first class facilities, including Adelaide Oval, Adelaide railway, Casino, Festival Centre and convention centre.
“The re-activated plaza will become a key focal point for Adelaide people and tourists who come to the city to attend cultural and sporting events, where they can eat, drink, work and be entertained throughout the day and night in the state of the art precinct,” he said.
Walker Corporation brings 50 years’ experience of revitalising tired and under-utilised areas with award-winning mixed used precincts, including King Street Wharf, Broadway Shopping Centre and The Wharf at Woolloomooloo in Sydney; Collins Square in Melbourne and Hope Island in Queensland.
The office accommodation will be the best in Adelaide at 6 Green Star standard, attracting blue chip local, interstate and global commercial tenants for the economic benefit of the state, while playing a part in bringing people into the square to be entertained after work.
Mr Walker said: “Our experience shows that mixed-use developments of this type create significant economic and social benefits for the state, while being a very attractive amenity for both locals and tourists.”
The project is expected to commence this year and be complete early 2018. It will involve the demolition of the existing 300 bay carpark, and replacement of the current surface parking in the parklands. Vehicle and pedestrian links will be separated with improved traffic flows.
“We look forward to working closely with the government to develop this very exciting project, which has taken three years to attain approval,” concluded Mr Walker.
Walker Corporation is one of Australia’s largest private development companies, successful for 50 years. Our legacy is developing iconic, large-scale, award winning developments. Where others see a challenge, Walker Corporation sees opportunity. Our strong track record of success is attributed to our highly skilled and dedicated team, lead by Executive Chairman, Lang Walker.