Adelaide Casino and Festival Plaza Development Get the Go Ahead
The Adelaide Festival Plaza and Adelaide Casino redevelopment has the go ahead after the South Australian government and developers reached an agreement. A deal was struck with property developer Lang Walker that will allow the two projects worth more than $900 million to proceed.
The redevelopment will cover 25,000sqm and will include the $430 million project by Walker Corporation and the expansion of Adelaide Casino. The Walker project will include a 23-storey office tower, a retail area, car park upgrade and revamp of Festival Plaza. The $300 million Adelaide Casino expansion will include an 80-room luxury hotel, restaurants, cafes and new gaming areas.
“Together the projects are worth more than $900 million and expected to support about 2,500 jobs during construction and at least 400 ongoing jobs,” said Premier Jay Weatherill.
“The Festival Plaza will become a landmark site in the heart of Adelaide’s Riverbank Precinct, bringing together all the precinct’s icon sites such as Adelaide Oval, the Festival Centre, the Convention Centre and the Riverbank Bridge.”
“The upgraded Festival Plaza will become a unique world-class hub for the arts, culture, tourism and entertainment.”
Taxpayers will contribute $180 million to the project with the government calling for tenders for early works to lower Festival Drive which divides the traffic and pedestrian areas.
Infrastructure Minister Stephen Mullighan said the negotiations process had been complicated due to the number of parties involved.
“This was not just a matter of government negotiating with one party, the developer, it was a matter of some of those parties negotiating with themselves,” he said.
“One of the key requirements was SkyCity needing to reach agreement with Walker so that they could lease 750 car parks for SkyCity.”
The project is expected to be completed in 2019.
April 16, 2017