Plans unveiled for second tower at Adelaide's Festival Plaza

Adelaide's skyline is set to undergo a significant transformation with plans unveiled for a second tower at Festival Plaza. 

The 38-storey skyscraper will dwarf its neighbour, the recently completed One Festival Tower.

"(It will be) a sleek and slender tower that symbolises Adelaide's transformation into an economic powerhouse and a job-creating economy," Walker Corporation CEO David Gallant said.

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The former Liberal government approved the build for three storeys. 

In exchange for the increased height, Walker Corporation will provide $40 million worth of benefits to taxpayers, likely including reserving the four bottom levels for "public civic space". 

The lower tiers of the building will also be a narrower design featuring large glass windows.

"That is definitely a far better outcome than a three-storey building with no people that completely blocks out Parliament House," Premier Peter Malinauskas said.

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However, concerns have been raised about the potential for a "ghost tower" given Adelaide's office vacancy rate sits at around 19 percent. 

"If there's a thing worse than one skyscraper on the Riverbank, it's two," Greens MP Rob Simms said.

"This is Adelaide, it isn't Legoland."

Despite these concerns, property groups claim there is significant demand for "next-gen" office spaces, with the Property Council's Bruce Djite saying Adelaide has "the oldest office stock in the country".

Subject to planning approval, the tower could be completed by mid-2027.

This article was produced with the assistance of 9ExPress.