The pioneering businessman who transformed Adelaide’s East End, Theo Maras, has lodged plans to build a luxury apartment tower and has said it will be his last project.
Mr Maras and fellow developer James Arsenikakis have submitted a proposal for a high-end development at the Hutt Street and East Terrace intersection of Adelaide’s CBD.
The 54-metre tower will also provide a home for Mr Maras and his family, with the legendary property tycoon moving into the top floor penthouse.
Mr Maras will turn 70 in May, and the tower will be his first residential project – his swansong to cap a remarkable career that began in the 1970s.
“This is the last development that I… will be doing,” he told the Adelaide Advertiser.
“People have told me that most pharaohs build their own pyramid and I suppose this is what’s going to be [my] pyramid.”
Mr Maras’ penthouse will contain four bedrooms and four bathrooms, an outdoor swimming pool, and two outdoor living spaces.
His sister Lili and Maras’ children – Steve, Anthony, and Joanne, have also bought into the 16-level project, while Mr Arsenikakis’ family will take four of the 38 apartments. The apartments will be on the market for between $400,000 and $4 million.
“The European thing is you buy the best apartment in the best location,” Mr Maras said.
“It’s a jump to the East End, a jump to the mall, a jump to everything – it’s the only site with parklands frontage and with a northerly aspect.”
The tower will feature a roof garden for use by residents, while the ground floor will accommodate a high-end international cafe operator.
Mr Maras said the development would target owner-occupiers. “The market has been, in my view, inundated with investment units and I don’t think anyone has built a high echelon residential project like this. It’s easy to build something to be the best, but the challenge is to build something that will remain the best in 10 to 15 years’ time.”
Mr Maras added that he would be “absolutely stunned” if he was able to make a profit from the project but would be “happy if we can break even comfortably.”
The Office for Design and Architecture SA, with the SA Planning Commission will consider the proposal next month. Construction is expected to begin at the end of 2018 with completion in mid-2020.