Traders at the Belconnen Fresh Food Markets were relieved to hear a new builder had been appointed for the precinct's redevelopment, less than a week after the previously-contracted builder went bust.
Work at the site came to halt just days before the contracted builder, PBS Building, went into voluntary administration on Tuesday.
Elanor Investors Group, which has owned the markets since 2018, on Friday announced it had appointed Construction Control to complete the job.
Christa Potter, owner of Deli Cravings, said it was a "huge relief" to hear a new builder had been locked in.
"[We were] very stressed, obviously about everyone that lost their jobs, but the stress of any delays because we've been in this temporary location and we really just need to get into the new marketplace and get going again," she said.
Deli Cravings is one of six traders that have operated out of a temporary shed next to the markets site since March 2022.
Elanor Investors Group co-head of real estate Michael Baliva said the group was working with subcontractors already engaged on the project.
"Construction of the new market hall is well progressed," he said.
"Our team has worked tirelessly over the past week to ensure our subcontractors have the opportunity to continue working on the project, allowing the opening the Capital Food Market to not be significantly delayed.
"We look forward to welcoming Canberra's residents and visitors to the Capital Food Market in the coming months."
Market Meats owner Bede Wright was glad the developer of the markets had quickly secured a new builder so work could resume.
"[Business has been] a little bit quiet but we're happy to see [the redevelopment] finally under way after sort of four or five years of delay," he said.
"It'll be good when it's done."
Cook residents Rob and Faye Maron have visited the markets once a week for many years.
Over a coffee with their son Ben on Friday afternoon, the couple said they were saddened by the news work had stopped when the builder collapsed.
But they were pleased to see the market traders were still operating and a new builder had been appointed.
"There was no thought that we wouldn't come here today, even though we'd heard ... the building had stopped, we still expected that the businesses would be open and fortunately they are," Mrs Maron said.
Elanor Investors Group purchased the markets site in 2018 for $43.75 million.
In 2019, the group detailed plans for the $100 million redevelopment of the Belconnen Markets.
Stage one of the plans involved building a new retail strip on Ibbott Lane. The second stage, currently under way, involves replacing the Belconnen Markets with a new 5500-square-metre space inspired by European food markets.
To be called Capital Food Market, the new precinct was initially scheduled to open in late 2020.
The project is one of 80 residential and commercial projects impacted by PBS Building's collapse, including The Parks, Red Hill and The Melrose, in Woden.
The Canberra-based construction company called in administrators for five of its companies on Tuesday afternoon.
The 33-year-old company, which operates in the ACT, NSW and Queensland, made its 180 employees redundant on Monday. Administrators estimate the company owes more than $25 million to some 1000 creditors.
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