A $175 million hotel and apartment complex, which would become Adelaide’s second-tallest building, is planned for Pirie Street.

The massive, 30-floor hotel and residential apartment building (full image below) would overtake Telstra House as the city’s second-highest building at nearly 115 metres in height.

The building may even, eventually, tower over the city’s tallest building – the 132 metre-tall Westpac House – with provisions within the design for an extra 10 potential floors.

The Park Hotel would feature 250 four-star hotel rooms and 280 residential apartments, an open-air “sky-deck”, bar and dining facilities, a café, a pool, a gymnasium and a sauna, plus meeting rooms and car parking.

It would be constructed atop the old State Bank building on Pirie Street – just west of Gawler Place – with the heritage building’s façade to be retained.

An artist’s impression of the mammoth proposed structure.

South Australia-based development company LGB Australia and Singapore-based Park Hotel Group yesterday signed a management agreement to develop the 51 Pirie Street site, which was acquired early this year.

The proposal is in the pre-lodgement phase and will be assessed by the Government Architect-led Design Review Panel before going to the Development Assessment Commission for approval. If approved, construction is expected to begin in 2017 and be completed in 2018.

LGB Australia chief executive officer Raymond Chia said the proposed development was the company’s first project in the Australian hotel sector.

He also revealed that the company is in the process of making another major acquisition in the State.

“These proposed developments will inject new job opportunities and investment into South Australia,” Chia said.

“LGB Australia has employed a team of Adelaide consultants ranging from structural engineers, service engineers, architects, quantity surveyors and construction consultants. We estimate about 200 workers and 40 consultants will be required during the construction phase.

“LGB Australia will continue to identify new investment and development opportunities in South Australia.”

Park Hotel Group chief executive officer Allen Law said there would be additional jobs once the new hotel opened its doors.

Minister for Investment and Trade Martin Hamilton-Smith said the proposal was a coup for South Australia.

“Another luxury city hotel will boost our $5 billion tourism industry and support the more than 33,000 people it employs,” Hamilton-Smith said.

“A $175 million development will be a positive addition to our vibrant city and highlights the potential benefits of engaging with international investors.”

What the old State Bank building looks like now. (Image: Google Maps)

The management agreement was signed off during the joint State Government and business trade mission to South East Asia.

“The South Australia-South East Asia Engagement Strategy is focused on identifying opportunities in attracting direct investments into South Australia,” said Hamilton-Smith.

“This trade mission to Singapore, Malaysia and Thailand will strengthen South Australia’s government links and help facilitate business trade and investment opportunities.

“The State Government has also committed $15 million over the next two years for the creation of an Investment Attraction Fund.

“An investment attraction agency has been established and will be chaired by banking executive Rob Chapman who is in South East Asia to speak with prospective investors.”