The 40-storey residential and hotel tower at Market Square has reached its highest point, marking a defining construction milestone for the once-in-a-generation redevelopment of Adelaide's Central Market precinct.
The topping out signals significant progress toward delivery of 234 apartments, more than 11,000sqm of retail and dining space, Australia's first Treehouse Hotel, a 9-storey office tower and a 3,000sqm elevated terrace and garden.
Being delivered by ICD Property alongside the City of Adelaide, the $600 million development will transform the former Central Market Arcade site into a vibrant mixed-use destination in the heart of the CBD.
ICD Property CEO Matt Khoo said reaching the highest point of the entire project was a special achievement.
"We've worked incredibly hard to bring this transformational project to life, so seeing it reach its highest point is a proud moment for everyone involved," Mr Khoo said.
"Market Square has always been about creating a new city destination that brings together homes, next generation office facilities, retail, dining and public spaces alongside one of Adelaide's most iconic institutions, the Adelaide Central Market.
"Getting to this point wouldn't have been possible without Multiplex. Their expertise and commitment to the project has been evident from day one and their capability as a delivery partner has been instrumental in progressing the development," Mr Khoo said.
The development will add to the existing iconic Adelaide Central Market and include a major new retail precinct anchored by Coles, alongside specialty food, dining and entertainment offerings designed to extend the vibrancy of the market precinct beyond traditional trading hours.
Lord Mayor Jane Lomax-Smith said the milestone reflected the scale of transformation underway in the Market district.
"Today is a unique milestone for our city as Market Square's hotel and residential tower topping out brings us a huge step closer to project completion," the Lord Mayor said.
"Market Square sets a new benchmark for design in the city, honours the past and provides a development and expanded Market offering of which we can all be proud of."
Premier Peter Malinauskas said the project demonstrated growing confidence in South Australia.
"Market Square is exactly the kind of investment that supports a vibrant and growing Adelaide," the Premier said.
"Projects like this create jobs, attract people back into the CBD and help ensure our city continues to evolve as one of the most liveable places in the country."
Merricks Capital's Chief Investment Officer, Adrian Redlich said the milestone marked an important step in the progression of the project.
"Market Square is a landmark development in a well-located precinct and reflects the type of project we look to support alongside experienced development partners," Mr Redlich said.
The project is due for completion later this year.
