Theo Maras’ final project to get approval by State Commission Assessment Panel

THE final project by one of Adelaide’s highest profile property developers is set to get approved by the State Commission Assessment Panel.

An artist’s impression of Theo Maras' $32 million apartment project on the corner of Hutt St and Bartels Rd

• Taken over: Not an august position for developer
• Theo Maras to move into $32m CBD tower

THE final project by one of Adelaide’s highest profile property developers is set to get the green light.

Theo Maras’ $32 million high end development on the southeastern corner of Hutt St and East Tce will on Thursday go before the State Commission Assessment Panel, with the recommendation for it to be approved.

Mr Maras who recently turned 70, has teamed up with long-time friend James Arsenikakis for the 38-apartment development.

The final development — and the first residential one — by Mr Maras, will see him and his wife Helen, move into the top-floor penthouse of the tower.

It lies just around the corner from the East End where he made his name.

Theo Maras made his name developing properties in the East End.

At 53.9m, the tower far exceeds the maximum height of 22m prescribed for the Capital City Zone.

But in the agenda for the meeting, SCAP consultant planner David Barone said the height of the proposal was justified by its design and its relationship to the area.

“In Hutt St, and the wider locality, a number of buildings already completed or approved for construction are of a similar height, or taller than, the proposed new building,” Mr Barone stated in the agenda.

“As these new buildings are completed, a visual and built form link will emerge between the Adelaide CBD core and areas around Hutt St and East Tce.

“The proposed development, although exceeding the maximum prescribed 22m height for the subject site, will be consistent with and complementary of the emerging and anticipated built form in this area.’

Mr Barone also said the development would make a “positive contribution” to the desired character of the Capital City Zone by increasing the population of the precinct and its vibrancy, both during the day and at night.

Earlier this year Mr Maras said the building, which his sister, Lili, and children Steve, Anthony and Joanne have also bought into, was in the best location in the city and apartments would range in price from $400,000 to $4 million.

The area for the development has been earmarked to accommodate affordable housing.

But the prices for this development are well above that threshold.

However, these are not mandatory.

Mr Maras could not be contacted yesterday.