A contractor has been selected to build an $85 million apartment development in the Adelaide CBD, creating around 150 new construction jobs.
Flagship Property Holdings awarded the contract to Maxcon to deliver the 24-storey tower named Penny Place.
Measuring in at 78 metres, the apartment building will be located on the same site as Flagship’s recently completed Kodo apartment building, which at 103 metres, is one of Adelaide’s tallest residential buildings.
Penny Place will include 152 apartments, car parking and a bike store, as well as a ground floor lobby, resident lounge and kitchen, space for a retail outlet and a public plaza.
Flagship Property Holdings Chief Executive Officer, Mark Jarman, said Maxcon has proven itself as one of Australia’s finest construction companies and is pleased to partner with them to help deliver Penny Place.
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“We’ve already put in an enormous amount of design and planning work on Penny Place alongside our architect Woods Bagot, so appointing Maxcon rounds out an outstanding delivery team and paves the way for construction to soon get underway,” he said.
Jarman said construction will begin later this year and provide a major boost to the local building industry.
“Penny Place will create around 150 jobs throughout the construction period, which we anticipate will span between 18-24 months,” he said.
“This is great news for local construction workers and their families, and is also great news for the broader South Australian economy.”