City of Adelaide partners with ICD Property on $400m Central Market development

The City of Adelaide has unveiled its plans for a $400 million revamp of the Central Market Arcade which will include new retail spaces and a 249-room hotel.

Following a two-year long expression of interest process, Melbourne-based ICD Property has been announced as development partner on the CBD project, which is slated to begin construction in 2021.

A 35-storey commercial tower, 210 residential apartments, public rooftop garden, and childcare centre are also part of the development plans.

The City of Adelaide will retain ownership of 6000sqm of retail space including market activities, specialty retail, supermarket, and 260 public car parking spaces.

While ICD Property will control the office tower, hotel, residential apartments and childcare.

“Building on the Central Market’s importance as a South Australian icon, and provide better connections to Victoria Square and the surrounding streets,” said Lord mayor Sandy Verschoor.

Sheridan Randall, 11^th December 2019