The old Le Cornu site in North Adelaide has seen some more movement towards becoming a functional space yesterday, and Adelaide is rejoicing. It’s been announced that the City of Adelaide has taken the next step and formally assumed ownership of the site.
Lord Mayor Martin Haese has confirmed that Council has reached settlement with the previous owner, the Makris Group, following a comprehensive due diligence process.The Council’s ownership will now give the community the opportunity to provide input into the type and scale of future development on the site.
“Our first task will be to comprehensively engage with our community in the establishment of guiding principles for the development. Then, we can begin to develop detailed plans to activate this strategic site,” Mr Haese says.
The Lord Mayor says Council had acquired the site for $34 million, but says this was a fair price to secure this strategic site and end the uncertainty that has existed for nearly 30 years
This purchase is a long-term investment that will act as a catalyst for the sustainable growth of the O’Connell Street precinct and be of great benefit to the City of Adelaide.
“There will also be a much broader economic and social impact, as the developed site would be expected to become a long-term, sustainable source of revenue to City of Adelaide ratepayers,” the Lord Mayor says.
The Lord Mayor has invited anyone with an interest in the redevelopment of 88 O’Connell Street to register their contact details at www.yoursay.cityofadelaide.com.au.
“This will enable us to easily share information and hear from the residents, business owners and other community members who want to know more about our future redevelopment plans,” he concluded.
Well, it seems that exciting things are coming for the long-time vacant Le Cornu site. We’re looking forward to see what is to come.