The important milestone was marked with a smoking ceremony to acknowledge the traditional owners of the land. It realised the starting of early works on the landmark project, including the excavation of seven basement levels.
Riverside Tower is a venture between property and private equity firm LIDIS with project manager EQ Projects and venue managers Dockside. LIDIS have a project development agreement with City of Parramatta Council to deliver the development.
The precinct will deliver for Parramatta 413 premium residential apartments across 44 storeys. A state of the art cultural, exhibition/conference space and entertainment hub and the city’s largest ballroom space will be incorporated within the commercial podium.
To be managed by Dockside, the 2,500m² entertainment facility will contribute an estimated $25M to the local economy annually.
With upgrades to more than 4,400 square metres of public domain and foreshore land planned as part of the project, Riverside Tower is an important part of Council’s River Strategy.
The complete rejuvenation of the 1.5km river corridor will include a new grand promenade and cycle way, a signature riverfront café/bar and a lift connection to the popular Eat Street dining destination, encouraging people to visit and enjoy the beautiful riverside location.
“Parramatta has established itself as one Sydney’s most desirable suburbs with strong demand for premium-quality housing as well as high quality entertainment, dining and shopping facilities. We are delighted to be able to meet this demand with a new iconic landmark for the city that will provide a new and exciting cultural and entertainment destination for locals and visitors to enjoy,” LIDIS Executive Chairman Dennis Lidis said.
City of Parramatta Council Administrator Amanda Chadwick said the project was another step forward in activating the River precinct and delivering a world-class entertainment experience for City of Parramatta residents and all of Sydney.
Riverside Tower is due for completion in 2019. Marketing of the residential apartments is expected to commence in the 3rd quarter of 2016.
