The Antiquities Advisory Board accorded the Central Market Building a Grade III status in 1990. In 1994, part of the Central Market Building was converted to the Central Escalator Link Alley Shopping Arcade which is the starting point of the Mid-levels escalator system. The Central Market ceased operation in March 2003.
Built in 1939, the Central Market Building is an example of the Streamlined Moderne style of the time, derived from the later stage of Art Deco, and characterised by slim horizontal lines and the functionalism of the building.
The Urban Renewal Authority (URA) is tasked with revitalising the Central Market Building to provide diversified uses and greening for public enjoyment.
Standing on a site of 4 150 square metres and highly accessible in the heart of the Central District, the revitalised Central Market Building will provide a total floor area of about 12 000 square metres, including the roof, for affordable cultural and retail facilities. An open space of 1 000 square metres will be provided at the existing atrium and entrance plaza facing Queen’s Road Central, while the external walls on the ground floor facing Jubilee Street and Queen Victoria Street will be opened up to enhance accessibility and connectivity. The new façade facing Des Voeux Road Central will also be re-instated to enhance visual permeability of the building.
URA will endeavour to complete the revitalisation project before the end of 2021 for enjoyment by the public.