DA approval for the project was recently given by he Sydney West Joint Regional Planning Panel (JRPP).
Riverside Tower is a joint venture between Parramatta City Council, property and private equity firm LIDIS and venue managers Dockside and is the latest addition to the construction boom that is changing the face of Sydney’s dual CBD.
“This will be an iconic development for our City and a major step forward in Council’s plans to revitalise the Parramatta River foreshore,” Parramatta Lord Mayor Cr Scott Lloyd said.
“Riverside Tower is a significant project in a critical location on the river, right on the door step of our popular ‘Eat Street’ dining precinct. It will deliver a range of economic, social and environmental benefits to the community.
“It is estimated around $13-14 million in extra revenue will be generated per year for restaurants in the vicinity, with the Conference Centre adding another $20 million annually to the local economy.”
When completed, the mixed-use development will offer 413 luxury residential apartments spanning 41 storeys plus retail, entertainment and conference facilities.
More than 4,400sq m of public domain and foreshore land will be upgraded as part of the project.
Riverside Tower is part of an $8 billion pipeline of construction projects in Parramatta, which under the State Government’s Metropolitan Planning Strategy, is now recognised as Sydney’s dual CBD with the same status as the City of Sydney.
The centrepiece of the Riverside Tower will be the proposed Council-owned exhibition centre, which aims to deliver a spectacular entertainment and dining experience that is befitting Council’s plan to build Australia’s next great city.
The centre will provide new business opportunities for tourism operators and hospitality and accommodation providers, along with the adjoining conference and event centre.
The landmark Tower will also feature a dedicated club floor for residents featuring a lap pool, gym, spa and sauna facilities, an enclosed sun terrace with river views, terraced gardens with barbeque facilities, and lounge spaces.
Operated by Dockside Group, the conference and event centre is set to house the CBD’s largest function space with 1,000-guest capacity in its pillar-less ballroom.
Both the exhibition and conference centres are registered with the Green Building Council of Australia.
Johnson Pilton Walker (JPW) is the lead architect, landscape architect, urban designer and interior designer for the project, while Hutchinson Builders are the preferred construction partner.
The project will transform the old Lennox Bridge car park site into a world-class riverfront precinct, creating more than 700 jobs during the construction phase, at least 60 direct jobs following completion and indirectly approximately 1,400 jobs in the broader area.
"Riverside Tower will be a powerful new building for Sydney and the Parramatta CBD's skyline,” LIDIS Executive Chairman Dennis Lidis said.
“It will be of the same calibre as the famous towers that are synonymous with the world's best CBDs and will establish itself as the gateway to Parramatta CBD's north.
“It will undoubtedly raise the bar for Sydney's west and will transform the riverfront into a vibrant new hub.
“LIDIS is delighted that the DA has been approved and together with our venue partners Dockside we will bring the unique vision of Riverside Tower to life by providing luxury apartments, world-class conference venues and facilities, and a vibrant new lifestyle precinct for the people of Sydney's west.”
Construction on Riverside Tower is due to start this year with completion expected in 2018.
