The State Government hopes regulatory changes will finally bring private investment to Adelaide’s riverbank, creating a “restaurant precinct” and possibly a major new office or hotel development.

A riverbank development plan amendment (DPA), released yesterday, removes restrictions on commercial activities and development along a section of the riverbank and raises building height limits.

At the same time, the State Government released a series of images – which it calls “indicative” – of a new grassed plaza and office block on top of the Adelaide Festival Centre plaza.

“A range of Parliamentary and civic activities, including tourist accommodation, auditoriums, conference centres, cultural facilities, licensed premises, cafes, restaurant, shops and offices are envisaged,” the DPA says.

“Development will include a vibrant mix of land uses that support a continuing program of public arts and cultural activities, particularly around the Festival Plaza.”

The plaza will become a major event space with a day and night cultural program, the DPA said. Throughout the amendment the importance of a night-time economy for the entire riverbank precinct was emphasised.

The amendment changes land use and ups height restrictions  to allow new private development. The only height restrictions on the site are now those imposed by the airport.

“Development between North Terrace and the central pathway should generally be up to 15 to 20 storeys. Taller buildings may be developed in the Entertainment Policy Area to the south of the central pathway where design excellence can be demonstrated.”

The DPA specifies hotels, offices, shops and cafes as the “envisaged” land use. Complying developments also include child care centres and motels.

That changes open the way for a new commercial development on the plaza, as was originally planned in the Adelaide Festival Centre masterplan.

The State Government is considering a proposal from developer Lang Walker to redevelop the plaza. According to a report in The Advertiser, Walker’s proposal includes a large new office block.

Walker made his submission last year after the State Government released its riverbank masterplan and called for tenders from developers wanting to redevelop the site.

Yesterday Infrastructure Minister Tom Koutsantonis said the DPA wasn’t informed by Walker’s submission.

“We’re not doing a DPA over one development,” the minister said.

This morning Koutsantonis told ABC radio the Government went to tender before releasing the DPA because its wanted to speed up development along the riverbank.

“The reality is we need to get this development going,” he said.

The DPA hints at a link between commercial activation of the area around the Festival Centre and the centre’s long-awaited redevelopment.

When the centre outlined its redevelopment plans last year – which have so far failed to attract government funding – private investment was cited as a key funding source.

“Subject to funding, approvals and the potential leveraging of commercial opportunities such as those that may result from this DPA, the AFC will focus on opportunities that will assist it realise its vision to become a leading national and internationally recognised performing arts centre,” the DPA said.

The AFC masterplan suggested the building would be a mixed-use commercial, retail or cultural development.

A new governance model for the riverbank – where governance is currently shared between the State Government, City Council and private owners – is also being considered, according to the development plan.