The former Franklin Street bus station will be transformed into two towers of residential housing, with at least 137 affordable apartments on offer, accommodating more than 1000 people.

The project – known as Tapangka, which is Kaurna for ‘the experience of journey’ - will also feature 196 build-to-rent apartments aimed at improving rental outcomes.

A hotel, commercial spaces and a civic centre with strong links to the local arts community, will also make up part of the development and create a tourism drawcard.

More than 1300 construction jobs will be created, with the project expected to start in early 2026, with the first residents to move in by 2028.

Development of the former bus station will start once the Market Square development – the revamp of Adelaide’s Central Markets – is complete, to ensure sufficient car parking for market customers remains.

Property Council of Australia South Australian Executive Director Bruce Djite said the development would further improve Adelaide’s vibrancy.

“Population growth is critical if we are to capitalise on our economic prospects and will naturally support local business and make use of existing infrastructure,” Mr Djite said.

“It is exciting to see that this development will include a significant build-to-rent component, a sector that is set to take off in South Australia, and one that will support an increase in the supply of rental properties so greatly needed in Adelaide.”