UPDATE: Construction on the groundbreaking $1.5 billion Teneriffe Banks development in Brisbane is set to begin this month, marking a significant transformation of flood-prone land. This ambitious project will create a vibrant riverfront hub featuring hundreds of apartments, a hotel, and expansive public parks, directly impacting the community.
Developer Kokoda Property Group has partnered with Sydney-based Versatile Construction to kick off this monumental initiative on approximately 17,000 square metres at the corner of Skyring Terrace and Commercial Road. The site previously housed industrial operations, but it is now poised to become a lively residential and commercial area.
The first stage of the Teneriffe Banks project includes five towers housing 212 homes, Brisbane’s inaugural Kimpton Hotel, and a variety of shops, restaurants, and entertainment venues. A key feature will be a 220-metre river walk extension, enhancing public access to the waterfront.
Despite initial plans for a striking “skybridge” linking two of the towers, Kokoda Property Group confirmed this week that the feature has been scrapped during the redesign phase.
“The demand for a luxury product in this enclave has been extraordinary — we’ve never seen anything like it before,”
said Kokoda’s managing director, Mark Stevens, noting that $285 million in sales were secured off-the-plan on the first day.
Authorities acknowledge that the development area is vulnerable to flooding, storm surges, and rising sea levels. The original development application indicated that substantial industrial contaminants must be cleared before construction can progress. However, the promise of new parks and recreational spaces aims to revitalize this previously industrial locale, fostering community engagement and economic growth.
With the first phase expected to be completed by 2028, all eyes are on the Teneriffe Banks project as it promises to redefine the riverfront landscape of Brisbane. As construction begins, residents and potential investors alike are eager to see how this ambitious project unfolds and transforms the city.
Stay tuned for more updates on this developing story and its impact on the Brisbane community.
