Market Square

Market Square Set To Become Treehouse Hotels’ First Destination in Australia

metric — Thu, 07 Sep 2023 05:14:21 +0000

ICD Property has signed a deal with globally-renowned SH Hotels & Resorts – a sustainable hotel brand management company and affiliate of global private investment firm Starwood Capital Group – to bring the playful and fun Treehouse Hotel brand to the $400 million Market Square development.

Treehouse Hotels was chosen following a competitive hotel operator campaign to ensure the most appropriate and complementary offering was selected for the Market Square precinct.

The announcement comes as hundreds of global hotel delegates descend on Sydney for two high profile events, HICAP ANZ (Hotel Investment Conference Asia Pacific Australia New Zealand) and the No Vacancy Hotel and Accommodation Industry Expo.

ICD Property Deputy Managing Director Sal Quah said this exciting collaboration will bring a new level of innovative design to the heart of Adelaide.

“Treehouse Hotel will create a one-of-a-kind hotel experience for Adelaide that blends seamlessly with the lively atmosphere of Market Square,” Mr Quah said.

“Our strategic partnership with Treehouse Hotels reflects our shared commitment to providing an exceptional guest experience while minimising environmental impact.

“We worked closely with hotel consultant Axsia HTL on hotel positioning, design and integration within the mixed-use development, ensuring the best outcome for the project and Adelaide.

“Treehouse Hotel seamlessly harmonises with the diverse offerings of Market Square, creating a dynamic and convenient experience – guests can enjoy easy access to a vibrant retail scene, ensuring that everything they need is within reach, while visitors to the precinct will be able to enjoy the hotel’s restaurant and bar.”

SH Hotels & Resorts CEO Raul Leal said, “The Australian hotel market is the perfect setting for an original and upbeat lifestyle hotel and we are excited to introduce Treehouse Hotels to Adelaide.

“We were drawn to the history and the energy of the Adelaide Central Market precinct and we are thrilled to be part of its exciting future. We believe this partnership will elevate both Market Square and the hospitality industry as a whole,” Mr Leal said.

“Treehouse Hotel at Market Square will creatively capture the carefree comfort, freedom and nostalgia of childhood that appeals to all of us.”

City of Adelaide Lord Mayor, Dr Jane Lomax-Smith, said the addition of Treehouse Hotels to the Market Square precinct will provide immense benefits to the city.

“Market Square will generate local employment opportunities and long and short term accommodation to support the growth of the city,” Dr Lomax-Smith said.

“This new 248-room hotel will not only attract tourists from near and far but will also contribute to the economic vitality of the city, positioning Adelaide as the ultimate destination in Australia.”

In addition to the 248 guest rooms and suites, the hotel will offer a restaurant and bar with outdoor seating, a street front café with local offerings, more than 500sqm of indoor and outdoor event space and more than 230sqm of high-quality fitness and wellness facilities.

The Market Square development will be delivered in stages with the expected completion of the commercial component in 2025, the retail area in 2026 and the residences across 2025 into 2026.

About SH Hotels & Resorts

SH Hotels & Resorts, an affiliate of global private investment firm Starwood Capital Group, is a sustainable hotel brand management company that operates 1 Hotels, a nature-inspired lifestyle brand that launched in 2015 with properties in South Beach and Manhattan and now includes Brooklyn Bridge, West Hollywood, Sanya (China), Toronto, San Francisco, Nashville, the recently opened Hanalei Bay flagship property and the brand’s first European property in Mayfair (London) with projects in development in Cabo San Lucas, Paris, Elounda Hills (Crete), Austin, Copenhagen, Riyadh and Melbourne; Baccarat Hotels & Resorts, a luxury brand that made its debut in March 2015 with the opening of its flagship property in New York, with projects under development in Brickell (Miami), Florence, Riyadh, Dubai and Rome; and Treehouse Hotels, which premiered in London in 2019 and with projects under development in Manchester, Sunnyvale, Brickell (Miami) and Riyadh. Leveraging its marketing, design, operational and technological expertise, SH Hotels & Resorts is the force behind some of the most groundbreaking and dynamic hotel brands in the world.

About Treehouse Hotels

Barry Sternlicht, the visionary behind Baccarat and 1 Hotels and Chairman and CEO of Starwood Capital Group, a global private investment firm, has reinvented the hotel experience with his newest brand venture, Treehouse Hotels. At Treehouse every detail is imagined through the carefree, optimistic lens of childhood and balanced with a distinctly modern sensibility. With attentive service, locally inspired fun amenities, thoughtful programming and several food & beverage offerings, Treehouse Hotels are about playfulness and freedom. The first of the brand’s portfolio, Treehouse Hotel London opened in November 2019 with 95 rooms, including 15 suites, with nature-inspired interiors and cushioned window seats to enjoy striking city views. SH Hotels & Resorts, an affiliate of global private investment firm Starwood Capital Group, has announced that it will open its award-winning Treehouse Hotel in Manchester in 2023, the brand’s second UK location; Sunnyvale in 2024; Brickell in Miami and Riyadh. For more information visit treehousehotels.com.

PROJECT DETAILS

8,500sqm precinct footprint
21,700sqm A-Grade commercial space
234 residential apartments
11,000+ sqm retail centre
3,000sqm outdoor elevated garden
248 room 4 – 4.5 star hotel

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Market Square Demolition & Start of Construction!

metric — Wed, 31 May 2023 23:43:52 +0000

Demolition and construction works have officially begun at Market Square — Adelaide’s new $400 million once-in-a-generation precinct to upgrade the Central Market Arcade.

The Market Square project will see the expansion of the iconic Adelaide Central Market on the ground level and above, the addition of new retail space, a seven-level all-electric commercial office tower, onsite childcare centre, luxury residences, an elevated and vibrant garden retreat and an upscale hotel.

ICD Property CEO Matthew Khoo said the project team was thrilled to reach today’s milestone on this city-shaping project.

“We are delighted to be partnering with the City of Adelaide to deliver our vision to create something truly transformative for the city, a source of real local pride and a must-visit tourist destination,” Mr Khoo said.

Lord Mayor of Adelaide Dr Jane Lomax-Smith said this project is a city-defining development for Adelaide that will breathe new life and vibrancy into the precinct.

“This project is going to deliver enormous economic benefits for the city and is expected to create more than 1,000 new jobs,”

– Adelaide Lord Mayor Jane Lomax-Smith

“It will generate an overall boost of $135 million to the South Australian economy while allowing the Adelaide Central Market to thrive and expand.

“By developing around 20,000sqm of office space in a seven-level commercial tower there is also fantastic potential for increased activation of Adelaide’s CBD.”

Multiplex has been appointed by ICD Property and City of Adelaide as the project’s builder and State Manager Andrew Warren said construction is expected to take around three years.

“We are delighted to be progressing Market Square’s construction, signalling the project’s strength to proceed at a time when other projects around the nation are stalling,” Mr Warren said.

Announcements on the hotel operator, office tenants and anchor retailers will follow throughout the year and until completion.

The project will be delivered in stages with the commercial component expecting completion in 2025, the retail area expected in 2026 and the residences across 2025 into 2026.

Watch more on 7 News here

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Market Square major works to start in June

metric — Tue, 14 Mar 2023 23:07:10 +0000

Major works on the $400 million Market Square project will commence in June following Council supporting changes to the project’s design.

ICD Property and the City of Adelaide have re-affirmed their commitment to deliver the Market Square project and Adelaide Central Market expansion with major works to commence in June.

Market Square – a project of national significance showcasing the very best of South Australian produce through the expanded Market – will feature design changes resulting from the design process including:

Relocation of residential car parks to the basement to improve car park access
Increased loading zones within the basement to support traders
A lowering of the podium rooftop space from level 5 to level 4
The introduction of retail balconies on the Grote Street façade
An increase in the commercial office space to now offer some 20,000m2 and an additional 21 apartments with the overall height of Grote Street tower to increase by two storeys

Lord Mayor Jane Lomax-Smith said it was pleasing the start date for work is locked in for a project that will deliver a $135 million boost to the South Australian economy.

“While there is a further financial contribution from Council, it is not unusual given the challenges facing the construction sector globally, and Council’s contribution reflects the increased costs in the sector,”

– Adelaide Lord Mayor Jane Lomax-Smith

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Adelaide Central Market tower project approved with two-storey upgrade

metric — Tue, 14 Mar 2023 22:53:36 +0000

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.

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The world’s 10 best food markets you must visit

metric — Fri, 02 Dec 2022 04:12:00 +0000

The Traveller recently recognised the Adelaide Central Markets as one of the world’s 10 best food markets, featured alongisde international destinations including Shilin Night Markets in Taiwan and the Egyptian Bazaar in the heart of Turkey.

“If you want to wrap your tongue around some great local food, here’s where to go when hunger calls.”

With over 200 stalls, Adelaide Central Market is the largest fresh-produce market in Australia and a wonderful microcosm of its multicultural mix.

The fishmonger is Greek, the grocers Italian, the noodle-stand owner Malaysians, the fruiters Chinese and Vietnamese. Poke, sniff and nibble through a dozen deli counters, then kick back at one of the cafés: the coffee is the best in the city.

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Jess Adamson: Central Market redevelopment is a once-in-a-lifetime opportunity for Adelaide

metric — Tue, 24 May 2022 04:30:46 +0000

Much like the renaissance of Adelaide’s Riverbank Precinct and the commitment from local, interstate and international investors to build premium-grade office buildings and sparkling hotels here, it’s a massive vote of confidence in our city.

As South Australians we feel rightly proud of our market and we don’t want it to lose its unique feel.

It’s critical we get behind them and continue to support our local growers and suppliers.

And it’s critical the character of the place remains intact, long after the developers have gone.

This is a once-in-a-lifetime project and must be done right.

Lord Mayor Sandy Verschoor says that’s exactly the brief the builders have been given.

“This is an opportunity that no other city has, because we’re building from the reputation of the market,”

A luxury $10m penthouse will be the showpiece of the $450m redevelopment of the Adelaide Central Market Arcade.

“The integration and seamless transition of the existing market and the new space is an absolute priority.”

There are more than 70 traders at the market now, many of them lifelong friends, like family.

That family is about to grow, taking the number of traders to 130.

More food, more dining, more South Australian brands – more of what we know and love.

The design includes big open table spaces, opening the door for major events at the market.

There’ll be no big retailers joining the party – but a showcase of our new immigrants and their magnificent food – Sudanese and Nepalese among the new tenants.

One Australia. One market.

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Woods Bagot-designed Market Square set to be one of South Australia’s first all-electric workplaces

metric — Wed, 27 Apr 2022 22:30:10 +0000

In what is a major milestone for Adelaide’s push towards greener economy, the 6 Star Green Star workplace at Adelaide’s Market Square is to be one of South Australia’s first all-electric office buildings, ousting fossil fuels in favour of renewables.

The commitment to go all-electric for the base commercial building in the $400 million precinct is a significant step towards a greener economy for the state and complements Adelaide’s ambition to be a carbon neutral city.

“We all know the journey towards a green economy is not quick, but in Adelaide we are making real progress thanks to commitments like this. We are thrilled that Market Square is enabling us to deliver one of the first all-electric buildings in South Australia. This will be a major asset to other industry leaders seeking a new workplace aligned with their values. We can all work together to build a better, greener future.”

– Adelaide Lord Mayor Sandy Verschoor

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Sky’s the limit for new city projects

metric — Mon, 25 Apr 2022 05:10:31 +0000

The first of two key Adelaide City Council projects totalling $650m is about to become reality, with site works starting this week on the former Le Cornu site at North Adelaide. Lord Mayor Sandy Verschoor will attend an official sod turning ceremony to mark the start of a $250m redevelopment of the site, which has remained vacant for more than three decades. The project is a joint venture between the council and property developer Commercial & General to build three high-rise apartment towers above a two-storey podium containing specialty shops, cafes, bars, restaurants, commercial offices, consulting rooms and an outdoor plaza. C&G chief executive Trevor Cooke said a display apartment on the corner of O’Connell St and Archer St was being dismantled to allow excavation of a three-level basement carpark to begin.

“Major earthworks will commence within days, putting us another step closer to delivering this transformational project for Adelaide,” he said. Mr Cooke said the project was expected to create 430 construction jobs, with completion expected in late 2025. Work also is scheduled to start within weeks on the demolition of the Adelaide Central Market Arcade, which will become the site of another joint venture involving the council and a private developer, ICD Property Ltd. The site’s major tenant, Coles, has announced it will close a supermarket next to the arcade on May 22, with other tenants due to vacate the site by early June.

Three towers containing apartments, offices, a creche, boutique hotel and outdoor terrace will be built above an expanded Adelaide Central Market, with construction of the $400m project, Market Square, expected to be completed by late 2025.

ICD Property managing director Matthew Khoo said there had been strong interest in the project, with only 14 out of 251 apartments and a $10m penthouse atop a 37-storey tower still available. “We’re thrilled to see Market Square has drawn the attention of those seeking un-paralleled investment opportunity and luxury lifestyle,” he said. Preliminary site works are expected to start later this year on a third commercial development involving the council and Australian data centre operator, NEXTDC. The company will build a data centre on land currently used for the city beach volleyball site and Pirie St-Flinders St U-park. Ms Verschoor said the three projects would “deliver hundreds of jobs and hundreds more residents to the city and North Adelaide”. “It’s hard to recall a more exciting period of development in the City of Adelaide with these three truly city-shaping projects nearing construction start dates,” she said.

“We’re thrilled to see Market Square has drawn the attention of those seeking un-paralleled investment opportunity and luxury lifestyle,”

– ICD Property managing director, Matt Khoo

Preliminary site works are expected to start later this year on a third commercial development involving the council and Australian data centre operator, NEXTDC. The company will build a data centre on land currently used for the city beach volleyball site and Pirie St-Flinders St U-park. Ms Verschoor said the three projects would “deliver hundreds of jobs and hundreds more residents to the city and North Adelaide”. “It’s hard to recall a more exciting period of development in the City of Adelaide with these three truly city-shaping projects nearing construction start dates,” she said.

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Developer ICD to build Adelaide’s greenest office tower

metric — Mon, 25 Apr 2022 03:06:16 +0000

Melbourne-based ICD Property hopes to build Adelaide’s greenest office building after targeting a Six-star Green Star rating from the Green Building Council for the commercial portion of its $400 million redevelopment of the city’s Central Market Arcade.

The 15,000 square-metre all-electric office tower within ICD’s Market Square precinct will feature rooftop solar, rainwater capture for irrigation and use only locally sourced recovered and recycled materials in its construction wherever possible. A minimum of 90 per cent of waste generated from the building will be diverted from landfill.

“We want to deliver buildings that stand the test of time, we want to push the limits with green initiatives while still making our projects [financially] feasible. We believe we’ve struck a good balance with this project.”

– ICD Property managing director, Matt Khoo

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Multiplex to build Adelaide site

metric — Tue, 08 Feb 2022 07:03:20 +0000

Multiplex has been appointed as the builder for Adelaide’s $400million redevelopment of the Central Market Arcade, to be named Market Square.

Construction on the WoodsBagot-designed, ICD Property project, scheduled to commence in June 2022, will see an expansion of the Adelaide Central Market alongside the addition of new retail, a seven-level A-grade commercial office tower complemented by an onsite childcare centre, residential component of 210 luxury residences, and an upscale hotel. Residential sales have topped 80 per cent.

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