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Approval granted for $400M Market Square redevelopment

The State Commission Assessment Panel (SCAP) has approved the $400 million Central Market Arcade Redevelopment, which is expected to create more than 1000 construction jobs.

The State Commission Assessment Panel (SCAP) has approved the $400 million Central Market Arcade Redevelopment, which is expected to create more than 1000 construction jobs.

Located next to the Adelaide Central Market is the site of Market Square, a joint venture project between ICD Property and the City of Adelaide.

The development aims to create a new social and commercial hub to preserve the Central Market and secure the future of the district for future generations.

Lord Mayor Sandy Verschoor said Market Square is a once-in-a-generation opportunity to grow and secure the future of one of Adelaide’s most iconic precincts.

“The City of Adelaide is proud to announce that the redevelopment of the Central Market Arcade has been approved,” Verschoor said.

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“This investment provides a unique opportunity to build on what people already love about the market district.

“We are excited to be part of ICD Property’s Adelaide’s flagship development, Market Square, building on the Central Market’s importance as a South Australian icon, and provide better connections to Victoria Square and the surrounding streets.”

ICD Property Managing Director Matthew Khoo said the project team acknowledges the Central Market is already a world-class public space, and are focused on protecting and supporting its strengths and ‘authentic Adelaide’ vibe.

“We are thrilled to receive the State Commission Assessment Panel’s approval of our development application to be now called Market Square. This is a massive milestone for the project, and an honour for us to be working on such an iconic city-shaping project,” Khoo said.

“We are very proud to partner with the City of Adelaide, to deliver our joint vision to create something truly outstanding for the city, a place of real local pride and a must-visit tourist destination. Market Square will be a celebration of the best of South Australia, and feature fresh new retail opportunities. The seamless connection and close partnership with the Central Market is a huge asset to this project, we couldn’t be more excited to help secure its heritage and to watch this precinct flourish in the years to come.”

Global architecture firm Woods Bagot will help deliver the project, with a builder to be selected in future.

Woods Bagot associate principal Alex Hall said Market Square’s design is a direct evolution of the original ideas unveiled in late 2019.

“The idea has always been to develop a globally relevant destination by providing a window into South Australia’s unique offerings,” Hall said.

Respecting the grittiness and authentic feel of the Market, and holding close those things locals love about it, the design is the result of great dialogue and collaboration with the Adelaide Central Market Authority, the City of Adelaide, ICD Property and the Office for Design and Architecture SA.”

Construction is expected to being in the second half of 2021.

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