The project – named Market Square – will include a hotel, apartments, ground-floor retail and food precinct, and an urban terrace described as “an elevated and vibrant garden retreat in the heart of the city”.
The Adelaide Central Market will remain open for business throughout construction.
The City of Adelaide says it will offer support to existing Central Market Arcade traders to help them “make informed decisions around when, where and how they might relocate their business within the city” so they can continue operating.
Demolition and construction will begin this year; the construction period for the whole development is expected to take three and a half years.
“The Authority wholly supports the redevelopment and looks forward to helping deliver this city shaping redevelopment, with our Market at its heart”
–Sandy Verschoor, Adelaide Lord Mayor