Urban renewal in Adelaide grounded to a halt with the global financial crisis in 2008. The money from the banks dried up and the commercial and apartment building boom just collapsed. In the language of the real estate industry the property market–residential and commercial– was subdued. This stasis lasted several years–apart from new car parks being built everywhere.
The urban renewal situation has slowly improved. Most of the buildings currently being built in the CBD are primarily high rise apartments. This building is an exception –it is a specially designed building for the Australian Tax Office.