The developer MichaelKris Real Estate wants to build the complex, which includes a three-storey retirement village with a private hospital, penthouse apartments and car lifts, in Thorngate, 4km north of the CBD.
It’s believed around 20 residents have signed “option agreements”, which gives the company first right to purchase the property before November 2017.
While the local council has expressed opposition to the development, changes made to state planning approvals by the SA Government last year mean planning approvals for any projects $3M plus go straight to the Development Assessment Commission.
Since then, the Commission has approved 18 out of 32 applications made, valued at $100M, with none turned down yet. Those pending are estimated at $133M.
Adelaide developers certainly seem to be thinking ‘up’, with the proposal following applications for two other ‘vertical villages’ – a $200M 100-apartment village in north Adelaide, led by retirement village veteran Loretta Byers, and a 21-storey 15-apartment tower worth $150M in Mawson Lakes.
