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Kokoda Properties will transform a riverside industrial sand and gravel factory site in Teneriffe into a $1.5 billion mixed-use community precinct.
Teneriffe’s $1.5 billion waterfront development will include more than 300 new homes, a 160-room hotel, a skybridge and an extension of the riverfront promenade where a sand and gravel mill currently stands.
Kokoda Property’s Skyring Terrace 17-27 transformation project is scheduled to break ground in late 2024 and will replace the Industrial Riverside Sands site in Teneriffe with new residential, retail and dining facilities, according to developer Kokoda Property. It is said that
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Kokoda Properties plans to extend the riverside promenade and open up previously inaccessible spaces to Tenerife’s cyclists, walkers and runners.
A development application has been submitted for a 17,612sqm mixed-use site with over 220m of river frontage and a sand and gravel project that has been in operation for approximately 50 years.
Kokoda Properties, which bought the site in May this year for “more than $100 million,” said: “Expanding the riverfront promenade will improve active transport connectivity for pedestrians, cyclists and other modes of transport. , a new lane will pass through the site and provide a link to the road.” Ferry Terminal and CityGlider Bus Stop.”
Local mangroves will be maintained and promoted, and skybridges will be built between the towers.
“Additionally, a further walkway for public access will be provided on the northern boundary of the site, and a newly expanded riverside promenade will connect to Skyring Terrace.”
Mark Stevens, founder and managing director of Kokoda Properties, said the project will open previously inaccessible waterfront locations to the public.
“This is an opportunity to create something special that conveys the history, quality and local sensibility of Teneriffe and the surrounding area,” he said.
The entire project is estimated at $1.5 billion and construction is expected to begin in late 2024.
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“Kokoda Properties are passionate about providing riverfront amenities on this site and are committed to creating a contemporary and inviting place that extends Teneriffe’s culture to the riverfront.”
Design partners for this project were Cottee Parker Architects, Carr, and Urbis Town Planning and Landscaping.
The site was expected to maintain local mature fig trees and mangroves and have an “overall generous landscape.”
