The $400m Adelaide Central Market development, which involves demolishing the Central Market Arcade, will begin in June after council approval to design changes.
The project – named Market Square – involves a new retail space, offices and an apartment tower, including a $10m penthouse.
In a meeting Tuesday night, Adelaide City Council approved an additional 21 apartments as well as other design changes to the project, which is scheduled to be completed in three years.
The changes to the project’s design came after global construction costs rose by around 20 per cent, prompting council to increase their budget for the multimillion-dollar project to $31.92m, $9.3m more than originally planned.
Developer ICD Property’s CEO Matt Khoo said it was “no secret” the construction industry was under pressure. But he said ICD Property had been able to “safeguard Market Square from the worst of it”.
The increase in apartments means the 37-level residential tower will grow by two storeys.