The developers of a $10 million apartment building called Zen2, off Flinders Street in the eastern Adelaide CBD, are planning a much larger development on a site adjacent to the complex as the final step in their overhaul of the precinct.
Zen2 is the major focus now for the Guava Lime development group run by Michael Loucas and Con Zahos and they have sold nine of the 26 apartments in that development, with construction due to start by September, and completion scheduled by mid-2015. That site is on the corner of Tucker Street and Dawkins Place.
They are planning a bigger and more expensive final showpiece for the precinct on a 1600-square-metre site on the corner of Flinders and Tucker streets, with plans still under wraps.
Mr Loucas, Guava Lime’s director, studied architecture at the University of Adelaide. He said the plans were still confidential for the larger site and were yet to be lodged with authorities.
“It will be a substantial project,” Mr Loucas said.
That bigger development will be directly opposite the $8 million Clarion Soho Hotel, which the duo completed several years ago, and not far from the 14-storey ART apartments project, which is nearing completion further to the west along Flinders Street.
Mr Loucas said 51 of the 52 apartments in the $22 million ART project were sold.
One of the trademarks of the developments is rooftop gardens for residents. The Zen2 development and the ART apartments have attracted a mixture of investors, and “Gen Y” owners who like being able to walk to nearby restaurants and bars.
“We’ve got a mixed bag,” Mr Loucas said. The Zen2 apartments comprise a range of one-, two- and three-bedroom dwellings ranging in price from $299,000 to $585,000.
Guava Lime’s developments along the eastern end of Flinders Street are close to the cosmopolitan Hutt Street strip of cafes, restaurants and a retail strip which leads out of the CBD.
The development firm has taken a 10-year approach to the revitalisation of the Flinders Street precinct with its first project being the $8 million Aqua Apartments in 2005.
It has also undertaken the $16 million Flinders Loft development, where it revamped an office block into boutique apartments and offices.
The duo achieved a sell-out of the first stage of the $10 million Zen apartments complex in 2013, prompting the second stage, known as Zen2.