[COM] Festival Plaza Tower 1 | 115m | 27 Levels | Office

[Alyx]

A dramatically revamped Festival Plaza will open for March’s festival season after almost a decade’s wrangling over the $663m redevelopment of some of Adelaide’s most prized land.

Under the final deal with Sydney property tycoon Lang Walker hammered out by Treasurer Rob Lucas, an office tower of up to 29 storeys will be built on the plaza – bounded by Parliament House, the festival centre, casino and King William Rd.

A significant, unspecified cost blowout to the public plaza’s $253.5m transformation would be shouldered by Walker Corporation, Mr Lucas said, in return for concessions including two potential extra levels for the now-approved, 27-storey office tower.

The first stage of the public space – scheduled to be opened by February – includes a large, interactive water feature, refurbished artworks from the original Hajek Plaza, trees and numerous 4.8m-high architecturally designed arbours.

Mr Lucas said the redevelopment would finally bring to life a 21-year-old Liberal vision for that area of the Torrens riverbank, which he unveiled as Treasurer in 2000.

“This is a once-in-a-generation development that will breathe new life into one of the most important parts of our city,” he said.

The state government will contribute $213m to the Festival Plaza redevelopment and Walker Corp $450m. A five-level, 1646-space underground carpark opened in May.

Concessions to Walker Corp include extending the lease terms for the Festival Tower, carpark and retail complex from 68 years to up to 99 years, an extra lease of air space above the three-storey retail complex and a mechanism to allow Walker to request development rights to build a second tower that it has long coveted. Mr Lucas said there had been no government commitment to take space in the tower.

He said a future government would have to consider a second tower and this could not occur without assessment and approval from the State Planning Commission.

“While we have received no development application for a second tower, the Marshall government has made it clear that it will not be granting any such approval even if the request was made,” Mr Lucas said.

Walker also will be able to seek planning approval for an extra 6000 sqm of space in the approved office tower.

Mr Lucas said benefits to the state from the agreement would include Walker committing to finish the office tower and retail complex by no later than June, 2026 and the largest part of the public space by next January.

He said $25m of extra value for the state had been secured through extra developer funding of the public space and “ongoing financial contributions”.

The tower was first approved by the state’s planning body in 2016 after the former Labor government in 2012 gave Walker exclusive rights to develop the precinct.

[gnrc_louis]

A dramatically revamped Festival Plaza will open for March’s festival season after almost a decade’s wrangling over the $663m redevelopment of some of Adelaide’s most prized land.

Under the final deal with Sydney property tycoon Lang Walker hammered out by Treasurer Rob Lucas, an office tower of up to 29 storeys will be built on the plaza – bounded by Parliament House, the festival centre, casino and King William Rd.

A significant, unspecified cost blowout to the public plaza’s $253.5m transformation would be shouldered by Walker Corporation, Mr Lucas said, in return for concessions including two potential extra levels for the now-approved, 27-storey office tower.

The first stage of the public space – scheduled to be opened by February – includes a large, interactive water feature, refurbished artworks from the original Hajek Plaza, trees and numerous 4.8m-high architecturally designed arbours.

Mr Lucas said the redevelopment would finally bring to life a 21-year-old Liberal vision for that area of the Torrens riverbank, which he unveiled as Treasurer in 2000.

“This is a once-in-a-generation development that will breathe new life into one of the most important parts of our city,” he said.

The state government will contribute $213m to the Festival Plaza redevelopment and Walker Corp $450m. A five-level, 1646-space underground carpark opened in May.

Concessions to Walker Corp include extending the lease terms for the Festival Tower, carpark and retail complex from 68 years to up to 99 years, an extra lease of air space above the three-storey retail complex and a mechanism to allow Walker to request development rights to build a second tower that it has long coveted. Mr Lucas said there had been no government commitment to take space in the tower.

He said a future government would have to consider a second tower and this could not occur without assessment and approval from the State Planning Commission.

“While we have received no development application for a second tower, the Marshall government has made it clear that it will not be granting any such approval even if the request was made,” Mr Lucas said.

Walker also will be able to seek planning approval for an extra 6000 sqm of space in the approved office tower.

Mr Lucas said benefits to the state from the agreement would include Walker committing to finish the office tower and retail complex by no later than June, 2026 and the largest part of the public space by next January.

He said $25m of extra value for the state had been secured through extra developer funding of the public space and “ongoing financial contributions”.

The tower was first approved by the state’s planning body in 2016 after the former Labor government in 2012 gave Walker exclusive rights to develop the precinct.

Thank you. June 2026 at the latest.... does that mean the actual tower is unlikely to start anytime soon?

[citywatcher]

A dramatically revamped Festival Plaza will open for March’s festival season after almost a decade’s wrangling over the $663m redevelopment of some of Adelaide’s most prized land.

Under the final deal with Sydney property tycoon Lang Walker hammered out by Treasurer Rob Lucas, an office tower of up to 29 storeys will be built on the plaza – bounded by Parliament House, the festival centre, casino and King William Rd.

A significant, unspecified cost blowout to the public plaza’s $253.5m transformation would be shouldered by Walker Corporation, Mr Lucas said, in return for concessions including two potential extra levels for the now-approved, 27-storey office tower.

The first stage of the public space – scheduled to be opened by February – includes a large, interactive water feature, refurbished artworks from the original Hajek Plaza, trees and numerous 4.8m-high architecturally designed arbours.

Mr Lucas said the redevelopment would finally bring to life a 21-year-old Liberal vision for that area of the Torrens riverbank, which he unveiled as Treasurer in 2000.

“This is a once-in-a-generation development that will breathe new life into one of the most important parts of our city,” he said.

The state government will contribute $213m to the Festival Plaza redevelopment and Walker Corp $450m. A five-level, 1646-space underground carpark opened in May.

Concessions to Walker Corp include extending the lease terms for the Festival Tower, carpark and retail complex from 68 years to up to 99 years, an extra lease of air space above the three-storey retail complex and a mechanism to allow Walker to request development rights to build a second tower that it has long coveted. Mr Lucas said there had been no government commitment to take space in the tower.

He said a future government would have to consider a second tower and this could not occur without assessment and approval from the State Planning Commission.

“While we have received no development application for a second tower, the Marshall government has made it clear that it will not be granting any such approval even if the request was made,” Mr Lucas said.

Walker also will be able to seek planning approval for an extra 6000 sqm of space in the approved office tower.

Mr Lucas said benefits to the state from the agreement would include Walker committing to finish the office tower and retail complex by no later than June, 2026 and the largest part of the public space by next January.

He said $25m of extra value for the state had been secured through extra developer funding of the public space and “ongoing financial contributions”.

The tower was first approved by the state’s planning body in 2016 after the former Labor government in 2012 gave Walker exclusive rights to develop the precinct.

Thank you. June 2026 at the latest.... does that mean the actual tower is unlikely to start anytime soon?

Yes.

Sent from my SM-A515F using Tapatalk

[HiTouch]

A dramatically revamped Festival Plaza will open for March’s festival season after almost a decade’s wrangling over the $663m redevelopment of some of Adelaide’s most prized land.

Under the final deal with Sydney property tycoon Lang Walker hammered out by Treasurer Rob Lucas, an office tower of up to 29 storeys will be built on the plaza – bounded by Parliament House, the festival centre, casino and King William Rd.

A significant, unspecified cost blowout to the public plaza’s $253.5m transformation would be shouldered by Walker Corporation, Mr Lucas said, in return for concessions including two potential extra levels for the now-approved, 27-storey office tower.

The first stage of the public space – scheduled to be opened by February – includes a large, interactive water feature, refurbished artworks from the original Hajek Plaza, trees and numerous 4.8m-high architecturally designed arbours.

Mr Lucas said the redevelopment would finally bring to life a 21-year-old Liberal vision for that area of the Torrens riverbank, which he unveiled as Treasurer in 2000.

“This is a once-in-a-generation development that will breathe new life into one of the most important parts of our city,” he said.

The state government will contribute $213m to the Festival Plaza redevelopment and Walker Corp $450m. A five-level, 1646-space underground carpark opened in May.

Concessions to Walker Corp include extending the lease terms for the Festival Tower, carpark and retail complex from 68 years to up to 99 years, an extra lease of air space above the three-storey retail complex and a mechanism to allow Walker to request development rights to build a second tower that it has long coveted. Mr Lucas said there had been no government commitment to take space in the tower.

He said a future government would have to consider a second tower and this could not occur without assessment and approval from the State Planning Commission.


“While we have received no development application for a second tower, the Marshall government has made it clear that it will not be granting any such approval even if the request was made,” Mr Lucas said.

Walker also will be able to seek planning approval for an extra 6000 sqm of space in the approved office tower.

Mr Lucas said benefits to the state from the agreement would include Walker committing to finish the office tower and retail complex by no later than June, 2026 and the largest part of the public space by next January.

He said $25m of extra value for the state had been secured through extra developer funding of the public space and “ongoing financial contributions”.

The tower was first approved by the state’s planning body in 2016 after the former Labor government in 2012 gave Walker exclusive rights to develop the precinct.

Holy shit. I didn't realise it was such a big job. The convention centre space was completed in 1/4 of that time. The Burj Khalifa took less time than this as well.

[Spotto]

A “ once-in-a-generation development” that we’re shoving a tower onto. How revolutionary

[SRW]

What a fucking rort and unbelievable let down. The first tower will already diminish this area; a second tower will condemn it.

[ChillyPhilly]

Lucas, Knoll and the Liberals have made a meal of this project.

The original vision was greener, more active and more artistic.

Walker has walked (no pun intended) all over the State Government with this.

I laughed at Lucas' comment about 'the Liberals' vision of the Riverbank from 2001'. That resulted in the mess that still exists today.

A second tower should never be considered.

[Stryker]

Festival Tower

“The construction will begin mid next month, with major tenant fit-outs expected to commence in August 2022 and the building set for completion in November 2023”.

https://www.mpegrp.com.au/news/ir5t1n0t ... 7bhqxf5mjo

[citywatcher]

Festival Tower

“The construction will begin mid next month, with major tenant fit-outs expected to commence in August 2022 and the building set for completion in November 2023”.

https://www.mpegrp.com.au/news/ir5t1n0t ... 7bhqxf5mjo

Mid next month is Xmas.


Sent from my SM-A515F using Tapatalk

[Stryker]

The article was dated 29th September.

[notmichaeljfox]

Walker has still committed to finishing by the end of 2023.

...The Walker Corporation also argued that the original agreement impacted their ability to secure long-term tenants and financing.
The benefits to the State from the new agreement include:

• Ensures completion of the Office Tower and retail complex by no later than June 2026 although Walker are planning on completing the Office Tower by about the end of 2023

• Ensures completion of the largest part of Festival Plaza public realm by January 2022

• Secures $25 million of additional value for the State through ongoing financial contributions and increased developer funding of the public realm

https://www.miragenews.com/revitalised- ... ic-668119/

[Uncle Monty]

New large trees were being craned in to the plaza today and are now in position. They didn’t have leaves so it was difficult to tell what species they are.

[Ben]

New large trees were being craned in to the plaza today and are now in position. They didn’t have leaves so it was difficult to tell what species they are.

No leaves, in November.... What kind of tree is that, going to be great in Summer.

[HiTouch]

This whole development is a joke and the people in charge know this and choose to extend it.

[Pikey]

Not having seen the trees in question, could these not be the tree like frames that will form part of the interactive display, and be covered in climbers?