Theo Maras: The Icarian who changes the ‘heart’ of Adelaide – The Economic Postman

from a mountain village icaria, Soon after the war, he found himself among its most powerful businessmen Australia. The cause of the expatriate Theophanes Maras (Theo Maras), who owns a number of properties, and is also the head of the scheme to upgrade Adelaide’s famous Central Market.

He was born in Arethousa, Ikaria on 16 May 1948 and came to Australia in 1952 with his parents at the age of just 4. A little later and when he was seven years old, little Theo, sitting on the back of a horse-drawn carriage, watched his parents, Ioanna and Stamatis, sell their fruit and vegetables at the Adelaide People’s Market. “My parents would get up at 4am and pick fruit and vegetables and get to the East End. My job was to sit on the cart and make sure no one messed with the boxes of produce,” he told salife.com.au.

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From an assistant builder, an architect and then a businessman

Theo then entered the job market with a part-time job as a construction helper at the age of 14. His body type made him ideal for manual labor, so he excelled in construction. However, his grandfather, who did not go to school and could not read and write, said that the only way out of poverty was through education.

So after finishing school at Nailsworth, then Gillies Plains High, Theo earned his degree in Architectural Design and Building Technology. His first full-time job was at Millers Lime and Timber before moving to Wowich Industries in Elizabeth, where he designed prefabricated homes. But it was up to Chappelle & Co. in the late 1960s to discover that power was not held by architects, but by businessmen. “That’s when I thought I don’t want to be an architect, I want to be an entrepreneur. But how do I get from point A to point B? I had a dream and I needed a strategic plan.”

first deals

In 1972, he opened the first offices of T Maras and Associates in Ward Street, North Adelaide in 1972. By then, he had also married Helen, with whom he had three children. They buy their first house in Croydon, renovate it and sell it for an extra profit. Their next home was at Netherby, which they again made good use of. Theo then bought five lots on the boardwalk in West Beach for $35,000. We made and sold them separately, making $60,000. it was hard. I worked hard, seven days a week, but that was the only thing I knew how to do.”

Eventually, investors began to trust Theo with their real estate portfolios, and his business began to grow. The next big deal was a large block of flats in St. Mary’s. He sold the plot of land at a profit of 420 thousand dollars, and in today’s value we are talking about 10 million dollars. “A deal like this fills you with confidence, and drives you to look for the next deal, and then the next, and the next again. It’s an obsession.”

In 1980, Theo teamed up with Bill Manos, a distinguished attorney, and they founded Mancorp. Over the next 25 years he developed and invested in millions of commercial properties across Adelaide. In 2006, he founded the Maras Group. Today, the family business owns more than 25 buildings, many of them in the East End. The company also owns a number of buildings in the Wayville, Fullarton, Keswick, Hilton, Brooklyn Park, Torrensville, Lockleys, Prospect and Walkerville areas.

Now, the expat entrepreneur says he is excited about the opportunity to spearhead the project that will fundamentally transform the region and turn Adelaide into a major tourist destination over the next 50 years.

“I love the market and have a passion for it, which is what sets me apart. Since I was a little kid, I used to go there every Saturday with my father and grandfather, as well as many other expat families. Therefore, the role I play also has sentimental value, as I It was the expats, along with the Italians, who created and supported the idea of ​​the vegetable market when they first came to Australia, as we know it back home, a concept for them that was unknown to Australians in the early 20th century,” the 73-year-old businessman told Newscosmos.

300 million dollars for the new project

The cost of the project is $300 million and will include, in addition to the central vegetable market, luxury hotels, restaurants and cafes, towers with 210 apartments, retail stores, a supermarket, a kindergarten, outdoor dining areas with indoor balconies and parking spaces. “My goal is to reconcile tradition, modernity and the new and to create a cultural center with the best specifications that will become a point of attraction and a meeting point for the new generation but at the same time will remind all of us, the elderly, of the past we grew up with the memory of the market.”

“It is a huge task, but in my life I have learned to achieve my goals. I learned this from my grandfather Menelaus, who always told me that to achieve what I want, the only way is to dedicate myself to it and do my best until I achieve it. He was right after all, and I I am grateful to him for the life lessons he generously gave me, just as I am grateful to my parents because despite the fact that the early years in Australia were very difficult, my family always supported and encouraged me, which was a rarity at that time.They gave me strength and love, and taught me To be a proud Greek,” says Mr. Maras.