The 7500 square metre site was occupied by Le Cornu furniture until it was vacated in the late 1980s. Makris Group battled Adelaide City Council for a permit to build six apartment towers and retail space on the site, which was eventually granted in 2009 by the state government. While the former structures were demolished in 2010, the project didn't proceed due to weak retail and apartment markets.
Con Makris of the retail-focused Makris Group said he partnered with Walker Corp because of their proven residential development background. Mr Makris said he intended to own the commercial and carparking components long term.
The project will be built over two stages and include one-, two- and three bedroom apartments, cafes, restaurants and high-end retail. Lang Walker of Walker Corp said planning regulations introduced by the South Australian government earlier this year to spark development and activity in the CBD encouraged him to sign on with Makris Group.
He said buyers had limited housing options in north Adelaide and there was a market for one-, two- and three-bedroom apartments in the area. It is the first joint venture between the two companies and Mr Walker said he was keen to explore other potential opportunities with Makris.