A $550 million development on the northern bank of the Parramatta River is set to take the city a step closer to over taking Adelaide as Australia’s fifth largest CBD.

Designed by architect William Smart and to be developed by Starryland Australia, the five-hectare estate, called Promenade, will comprise 774 high-end apartments in 11 towers, ranging from two to 12 storeys.

Promenade will also allocate 1.2-hectares to landscaped foreshore open space, a pedestrian bridge across the river, and an extensive walking and cycling network.

Promenade is the latest in a series of developments and masterplans that endeavour to transform Parramatta into an attractive riverside city for investors and residents. Already approved are a new civic centre called Parramatta Square and two redevelopments of car park sites into major residential and commercial towers.

Proposed development site. Artist image: Starryland Australia

A further 33 projects worth a projected $8-Billion are also in the planning stages, and if developed, could see Parramatta overtake Adelaide as Australia’s fifth largest CBD.

Smart says there are two types of building designs at Promenade – wharf and courtyard – united by water-filled landscapes and tree-lined streets to create “resort-style living”.

“The ‘wharf’ buildings have horizontal slab edges in white with a pattern of vertical timber cladding and full height vertical fenestration woven between each floor level whilst ‘courtyard’ buildings appear solid and grounded with panels of dark masonry stepping along the façade,” Smart says.

“At the heart of the estate will be a new square, connecting a bridge which soars over the floodplain and river to link Promenade with Parramatta’s town centre.

“A new cycle path will run along the river and provide access to a platform over the water, adjacent to the arching mangroves and potentially serving as a future stop for the Rivercat.”

Smartalso describes the apartments as ‘fresh’ and ‘urban contemporary’, with finishing materials such as porcelain tiles, timber joinery, reconstituted stone bench-tops and crisp metal trims.

The development signifies a move by Fuxing Huiyu Real Estate Company Ltd, the 23rd largest of its kind in China, into the Australian property market.

Starryland Australia, who will be developing the site, is a local division of Fuxing Huiyu, who develops more than one million square metres of property per year.

The Promenade has close proximity to Parramatta's transport hub. Image: Starryland Australia

“We selected Parramatta because it is already a cosmopolitan centre with the potential to become even better. It has all the facilities of a modern city and is well served by public transport and motorways,”” said Mr Hao Liu, the Director of Starryland Australia.

“Promenade is in keeping with the style of residential communities we create in China, and we want it to set a benchmark to establish our credentials in Sydney as a quality developer.

Promenade will be developed in three stages, the first of which will embrace two towers comprising 277 apartments and is scheduled to commence in June. A further two stages will be released as demand determines.

All apartments, except four one-bedroom units, have one or two security car spaces, while there also are 70 visitor parking spaces allocated for the development.

Fuxing Huiyu hope to bring its development ethos, that they suggest has “redefined harmonious living in China,” to their Parramatta development.

“In big cities people have become disconnected, so it’s important to create an environment where individuals can connect; this means giving residents access to excellent communal amenities and activities which is what we are doing at Promenade,” Liu said. “We have worked closely with the local Council to ensure the estate provides a prime living environment for the region.”