Monday, June 24, 2024

City of Adelaide snaps up CBD site for potential housing

City of Adelaide Council has acquired 218-232 Flinders Street, a significant landholding in the city’s east, with the Council to investigate mixed-use outcomes for the site, including housing.

Council says it will now investigate opportunities to partner with community housing providers, State Government or the private sector.

Lord Mayor, Jane Lomax-Smith said the purchase of the site can help the City to tackle the current housing crisis.

“Tightly held sites in the city’s east don’t come up often and we knew that with the multitude of uses this site could provide, it would be a smart acquisition by Council,” said the Lord Mayor.

“Associated community facilities or retail may also be in the mix, but I hasten to add that these discussions are still to take place and we will be asking our community what they want to see at the site.

“Council will proceed with site investigations, then establish a masterplan and guiding principles which will support a meaningful public consultation process prior to redevelopment occurring. In the meantime, UPark will continue to operate the public car park.”

The significant dual-fronted 2,093 sqm mixed-use development site is situated within one of the CBD’s most tightly held precincts providing direct access to Adelaide CBD amenities.

Capital City Zoning provides development height potential of up to 53m on the site.

The acquisition – made using the Council’s future fund – must ultimately provide benefit to the city and its ratepayers, the Lord Mayor said.

Council’s future fund was established during the last term of Council to enable the City of Adelaide to fund the purchase of future income generating assets and to invest in strategic capital projects.

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