A joint venture between Adelaide City Council and a property company to spend $400m to redevelop the Adelaide Central Market Arcade has been approved.

The council will contribute $28m towards the project by selling the ‘air rights’ above the arcade, which will be demolished and have thee towers on the site occupied by a supermarket and the arcade.

The neighbouring Central Market will remain open through the construction, which will take four years and temporary parking will open on the sire of the former Franklin Street bus depot.

The new space will provide 15,000sq m of office buildings, alongside seven levels of leasing space, while the other two towers will be apartments.

Food outlets, shops and other retail space will take over the first two levels with an atrium lining Gouger Street to Grote Street and the Sir Samuel Way Building.

Want more? Listen to one of our favourite moments from Erin Phillips & Soda – Tune in weekdays from 6AM on Mix102.3!