Scheduled to break ground in the second half of 2021, the $400 million Market Square redevelopment will integrate office, residential, and retail spaces alongside a new hotel and an urban terrace – an elevated and vibrant garden retreat in the heart of the city.

The architectural vision sets a new benchmark for design in South Australia. Market Square will be an inviting place to gather, to eat, to live and to work, and will offer unparalleled new retail opportunities, featuring coveted brands and showcasing the best of South Australia’s makers and producers.

ICD Property has partnered alongside leading Australian property development firm Sinclair Brook and Adelaide-founded global architecture firm Woods Bagot to deliver the project.

Woods Bagot associate principal Alex Hall said Market Square’s design is a direct evolution of the original ideas unveiled in late 2019.

“The idea has always been to develop a globally relevant destination by providing a window into South Australia’s unique offerings. Respecting the grittiness and authentic feel of the Market, and holding close those things locals love about it, the design is the result of great dialogue and collaboration with the Adelaide Central Market Authority, the City of Adelaide, ICD Property and the Office for Design and Architecture SA,” he says.

Adelaide lord mayor Sandy Verschoor says Market Square is a once-in-a-generation opportunity to grow and secure the future of one of Adelaide’s most iconic precincts.

“The City of Adelaide is proud to announce that the redevelopment of the Central Market Arcade has been approved,” the lord mayor says.

“This investment provides a unique opportunity to build on what people already love about the market district.

Demolition and construction will begin this year, with the construction period for the whole development estimated to take three and a half years.