SUBIACO'S beloved Station Street Markets will close to make way for a Coles-Target shopping precinct, the Metropolitan Redevelopment Authority (MRA) decided on Wednesday.
Developer Greg Pearce exclusively confirmed to Western Suburbs Weekly that the MRA board had approved the $96 million development with some minor conditions.
The four-storey development is expected to be completed in spring 2017 and will include two levels of basement parking, a Coles supermarket, Target department store, retail and office space.
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READ NOWMr Pearce said he would tell stallholders a definite closure date within the next fortnight.
"We are hoping to start construction as soon as possible," he said.
"There is still a lot of preliminary planning to be done, however it is very likely the markets could close before July.
"We understand there is controversy over the closure of the markets and that the council does not support the project. So there were a lot of hurdles to be overcome. However, we have worked very closely with the MRA to get this result."
After the Pavilion Markets on Rokeby Road closed in 2007, Station Street Markets became the only markets left in Subiaco.
They opened in the early 1980s and attract about 20,000 visitors every weekend.
Although the City of Subiaco has investigated alternative market sites in the six months since Mr Pearce announced the Coles-Target development last year, there are no plans for a City-owned market.
Venn Property Group is currently working on plans to close Rokeby Road to traffic on weekends and run a tented street market.
MRA acting chief executive Ryan Keys said the development would provide new retail and shopping opportunities for Subiaco and complement adjacent residential developments.
"While the new use of the site will create change for stallholders and workers from the markets, this investment from the private sector will facilitate new job opportunities during construction and provide a future place of work for local residents, as well as reinforcing Subiaco as a retail destination," Mr Keys said.