Press Release on Grenfell / Twin Street (The Jade Monkey) Development
Written by Howie Thursday, 23 February 2012 14:22
The Hines Group have issued a press release on the much talked about Grenfell / Twin Street Hotel Development.
Grenfell/Twin Street hotel development – The Jade Monkey
Hines Property plans to begin construction later this year on a new $65 million, 17-storey hotel development on the corner of Grenfell Street and Twin Street in the Adelaide CBD.
In October last year, Hines Property informed all tenants of the existing buildings on the site, including the Jade Monkey, that leases would not be renewed. The Jade Monkey lease expires in December this year.
Construction works will include demolition of the buildings on site, none of which are heritage-listed, with the new hotel to include 300 guest rooms and suites, food and beverage facilities, conference and meeting spaces, business lounge and a fitness centre.
More discussion on our forums here.
Adelaide Casino Development Concept
Written by Howie Wednesday, 15 February 2012 20:32
S-A member Ben, spotted a new renders of the Adelaide Casino redevelopment in their 1st half profits announcement.
Local newspaper reports :
SKYCITY wants to build a boutique hotel with a rooftop pool overlooking the River Torrens as part of the riverbank redevelopment.
The owner of the Adelaide Casino said it wants to build a "truly world class integrated entertainment facility" including a five star hotel, signature restaurants and bars, a spa and roof top pool lounge and international VIP gambling suites.
But the company has flagged again that the State Government will have to deliver concessions for the redevelopment to go ahead.
"We are working closely with the Casino Task Force regarding the future regulatory framework for the Adelaide Casino," the company said yesterday.
"The outcome of these discussions will allow us to determine whether to proceed or not with progressing our plans for the transformation of the Adelaide Casino.
"While we are excited about the outstanding growth opportunity this transformational project potentially represents for SkyCity, shareholders should be assured that this project will only proceed if we can be confident of achieving an acceptable return on the potential investment."
The company has been in negotiations with the State Government for the past few years on the conditions surrounding any potential development, which it has previously costed at $250 million.
The company has been pushing for changes to the regulations which govern the casino, arguing the 43.5 per cent tax it pays is the highest in the nation, and that restrictions on some types of games which can be played should be relaxed.
The casino has been performing well, with SkyCity annoncing yesterday that its half year before tax profit in Adelaide was 12.9 per cent higher at $19.2 million.
Revenue was up 6.9 per cent at $82.6 million.
The casino's poker machines raked in an extra nine per cent, or $33 million, in the six months to the end of December, and table games revenue increased more than 7 per cent to $41 million.
Other aspects of the riverbank redevelopment continue to progress, with a call for tenders to design the footbridge connecting Adelaide Oval and the southern side of the Torrens open until February 28.
Expressions of interest are also being sought for private sector involvement in the revitalisation of the Riverbank precinct - a $394 million project which includes the expansion of the convention centre.
This is in addition to the $535 million Adelaide Oval redevelopment.
Preliminary works have already started at the oval, with major construction work to start after the cricket season finishes.
For more discussion see our forum thread here.
Lord Mayor Weighs In on CBD Planning Debate
Last Updated on Tuesday, 07 February 2012 21:52 Written by Howie Tuesday, 07 February 2012 21:40
Lord Mayor and Sensational-Adelaide Member weighs in on the CBD Planning review debate local newspaper reports.
LORD Mayor Stephen Yarwood says a review of CBD planning rules must send a strong message that Adelaide wants progress and growth.
Mr Yarwood said the city council agreed there was a need for change and the new system had to balance clearing development red tape with promoting high design standards.
The Advertiser on Saturday reveal the State Government was considering raising maximum building heights in key CBD precincts as part of a zoning review that will also examine density and design.
Mr Yarwood said delivering the review would be the council's top priority in 2012.
"There is a chance for reform and it would be disappointing if we just tinkered around the edges when we can actually send a message," he said yesterday.
"There are parts of the city where I know for a fact that the vast majority of councillors are not afraid to have a discussion on building heights.
"The city wants development, the city wants progress and we want to make it easier."
However, there are sections of the 12-person council expected to resist "overdevelopment" of the city.
Planning Minister John Rau claims hundreds of millions of dollars worth of investment is in "deep freeze" as developers struggle with an outdated and overly restrictive regime.
Urban Development Institute of Australia executive director Terry Walsh said many city developers only needed permission to add a few extra stories to make proposed buildings financially viable.
"If we're trying to get more residents in the city, we need to update our policy so at least we can cater for the 30-year plan."
Adelaide architect Paul Pruszinski's ultra-modern plans for a residential building on Flinders St and a Light Square office block have both been opposed by the council's Development Assessment Panel.
"Adelaide is not a museum it is a city that must be permitted to continue to improve," he said. "Developers have walked away from the Adelaide CBD because of its antiquated development restrictions."
The Government is expected to finalise a new CBD development "rule book" by mid year.
The current regime has a mix of recommended maximum building heights, ranging from two storeys to 103m in precincts north of Victoria Square.
Most new development is capped at 60m. The Government argues change is needed to deliver 15,040 new dwellings for 27,300 more people by 2040.
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