Construction of Riverside Tower, a new world-class riverfront precinct in the heart of Parramatta, officially started today.
The important milestone was marked with a smoking ceremony to acknowledge the traditional owners of the land. It will see the commencement of early works on the landmark project, including the excavation of 7 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 a critical piece 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.