April 2024 | Media Releases
New tower to transform Festival Plaza
A sleek, modern 38-storey high-rise tower is set to be built in Festival Plaza, with significant additional public space - bringing in thousands of visitors and workers and more than $1 billion in annual economic activity.
The new development by Walker Corporation will see Walker’s original proposal to construct a three-storey retail building on the Plaza scrapped and replaced with a high-rise mixed-use tower packed with public amenities.
The proposal delivers an improved heritage outcome, with a grand glass foyer offering continuous sight lines between Parliament House and Festival Plaza, and improved public spaces. The previously approved three-storey option would have obscured views of Parliament’s heritage façade and balcony entirely.
Importantly, the development is expected to draw a further 9,500 workers to the revitalised Riverbank Precinct – bringing with it $1.3 billion in economic activity to the area annually.
Planning approval will now be sought for the tower, which would stand alongside the existing 29-storey One Festival Tower.
Key highlights of the proposal include:
- 36 floors of commercial office space
- Option for 3,000sqm of public civic space across four podium levels, which could be utilised for Parliamentary events, school tours, art exhibitions or cultural events and performances
- A grand glass foyer offering continuous sight lines between Parliament House and Festival Plaza
- Two floors of high quality food and beverage space with direct access from Festival Plaza
- Terrace-level dining overlooking the plaza and broader Riverbank Precinct
- 800sqm of additional public realm adjacent to Parliament House
- Options for new public artworks to create further visual interest within the additional public space
An artist's impression showing the ground plane of the new second tower looking through to Parliament House
"Our state is growing up. This is a meaningful demonstration of private capital investment showing confidence in the future of our state"
SA Premier Peter Malinauskas
Cabinet has approved an agreement to pursue the development, which is expected to draw a further 9,500 workers to the revitalised Riverbank Precinct – bringing with it $1.3 billion in economic activity to the area annually.
A further 1,300 construction and associated jobs will be created over the course of the build.
Walker Corporation will now seek planning approval, precommitment for the building’s commercial floors and tender for a builder to construct the building.
The additional public realm between the new tower and Walker Corporation’s recently completed One Festival Tower will be anchored by eye-catching public art, and open up view lines to and from Parliament House, creating a heightened physical connection to the State Heritage-listed building.
The new communal space will also complement the broader plaza experience. Its design will support a diverse range of outdoor dining and activations, fostering a welcoming environment that encourages people to gather, linger, and enjoy the space, thereby enriching the visitor experience.
A code amendment restricted to Festival Plaza’s footprint will be initiated and tasked with consideration of aspects such as building height, design, heritage and interface with the Riverbank Precinct’s existing infrastructure.
Subject to planning approvals and final tenancy agreements, project construction is estimated to start in 2025 with the tower to be complete as early as mid-2027 ready for tenants to move in.
