HINDMARSH Square is set to undergo a significant facelift with plans for a 15-storey hotel and 14-storey apartment complex on the old Wallis cinema site.
The proposal, unveiled to The Advertiser , has been lodged with Adelaide City Council with an estimated value of $140 million.
Named 20 Hindmarsh Square, the project comprises two towers over a three-level podium, including ground-floor retail facilities.
The hotel will include 250 rooms and will be run by an international chain, yet to be revealed.
The adjoining apartment complex will have 66 luxury residences.
Hotel and resident facilities will include a "resort-style" day spa with gymnasium, pool and treatment rooms, as well as conference and meeting rooms.
Hines Property director James Hines said the project would complement three other major new buildings planned for Hindmarsh Square - its Conservatory on Hindmarsh project and Urban Construct's two Aurora on Pirie towers - which could see $420 million worth of investment in the square over the next three years.
The Hines Group purchased the Wallis Academy Cinema site from owners Bob Lorna and Michelle Wallis earlier this year. The cinema complex will close on August 8.
"It is a very sensitive development, and a lot of thought has been put into what's being proposed," Mr Hines said.
"There is an ongoing demand for quality apartments in the CBD and this project will transform this corner of the square and continue to build the reputation of Hindmarsh Square as Adelaide's premium residential and commercial precinct.
"Adelaide City Council and the market are both telling us that more apartments and hotel accommodation are needed in the city, and the demand experienced for our recent projects has been testament to this."
Construction of the development is expected to start in early 2008 and be completed by the end of 2009.
Hines also have a website for this, but not much more information there than was explained by the Advertiser.