Developers have unveiled an ambitious plan to build a new satellite city that will accommodate more than 44,000 people by 2041.
In a joint venture with Grange Development, Costa Property Group acquired 1,860 hectares of land over 18 months in Gifford Hill, near Murray Bridge, an hour southeast of Adelaide.
The $7.5billion master plan for the satellite city includes 17,100 homes, a town centre, six neighbourhood activity centres, seven schools, 285 hectares of conservation space, and 119 hectares of open green space.
Described as the largest residential project in South since the 1950s, the development will effectively create a second major city for the state with the first plots of housing released next year.
At the heart of the development is a town centre that will adjoin the Murray Bridge racecourse, with shops, offices and a ‘state-of-the-art sports and entertainment precinct’ including a polo ground.
Murray Bridge mayor Wayne Thorley said the council was excited about the project’s potential to grow into a new city in the countryside.
‘We are actively preparing for the growth of our rural city and supporting our communities to have access to the services, opportunities and benefits that a growing community brings,’ Mr Thorley said.
‘Murray Bridge is a place where people can live well and thrive in an environment where jobs, education, affordable housing and a great river lifestyle are accessible to all.’
Mayor Thorley added the development will also boost job opportunities for the growing community.
The development will create more than 7,200 onsite jobs during its construction and an additional 5,200 in offsite businesses.
Grange Development founder, James Dibble, described the project as the ‘most significant’ residential development in South and Adelaide since the 1950s.
He explained the development will include detached homes, apartments and townhouses.
‘We are looking forward to delivering an exceptional residential community that sets new standards for sustainable living, connectivity and amenity, while creating a second major city for the state,’ Mr Dibble said.
Rural City of Murray Bridge CEO Heather Barclay said the development would change the area forever.
‘Development of this nature and scale transform places and communities,’ Ms Barclay said.
‘Our goal is to ensure well planned and connected communities, so Murray Bridge continues to thrive and be a place where people choose to live, work and play.’
Costa Property Group and Grange Development are also hopeful the area could be home to Adelaide’s second airport.
Gifford Hill borders Murray Bridge and is about a one-hour drive from Adelaide.
The new satellite city could be a lifeline for first home buyers, with median house prices in the Murray Bridge region sitting at $419,000 – a whopping 45 per cent lower than Adelaide’s average at $760,000.
The region recorded a capital growth of 18.71 per cent within the last 12 months and a population growth of almost 19 per cent in the past five years.
Costa Property Group CEO, Carl Schokman said the development would unlock ‘housing supply to keep up with the strong population growth forecasted for the state’.
Costa Property Group was founded by the late Frank Costa, who made his money in the fruit and vegetable industry.
His widow, Shirley Costa, took over the company, and was named the 20th richest woman in last year.