Billion-dollar Teneriffe Banks waterfront construction to begin this month

Construction of a colossal new riverfront hub with hundreds of apartments, a hotel and public parks will begin on a flood-prone strip of Brisbane – but one unusual feature has been scrapped from plans.

The $1.5 billion “Teneriffe Banks” development will be built on 17,000 square metres of formerly industrial land at the corner of Skyring Terrace and Commercial Road, looking out directly towards Bulimba.

Five towers with 212 homes, Brisbane’s first Kimpton Hotel, shops, restaurants, bars and pools are planned.

A 220-metre river walk extension and public parks will also be built.

Developer Kokoda Property Group announced this week that Sydney-based Versatile Construction would build the project, with work beginning this month. The first stage is expected to be finished in 2028.

Early artist impressions show a “skybridge” linking two taller towers together, but Kokoda confirmed this week that the feature has been removed during a redesign.

The land was previously owned by Riverside Coal Transport Company Pty Ltd, with Riverside Industrial Sands operating a sand storage and processing business.

A single-storey community centre was also located on the southern corner.