Long thought of as Sydney's second CBD, Parramatta is undergoing a building boom with an $8 billion pipeline of construction projects under the State Government’s Metropolitan Planning Strategy and is now recognised as Sydney’s dual CBD with the same status as the City of Sydney.

The latest development set for the south bank of the Paramatta River is Riverside Tower, a residential and commercial development that has just received DA approval from the Sydney West Joint Regional Planning Panel.

Riverside Tower is a joint venture between Parramatta City Council, property and private equity firm LIDIS and venue managers Dockside.

“This will be an iconic development for our City and a major step forward in Council’s plans to revitalise the Parramatta River foreshore,” said Lord Mayor of Parramatta Scott Lloyd.

“Riverside Tower is a significant project in a critical location on the river right on the door step of our popular ‘Eat Street’ dining precinct. It will deliver a range of economic, social and environmental benefits to the community."

The mixed-use development will offer 413 luxury residential apartments spanning 41 storeys plus retail, entertainment and conference facilities.

The council estimates the development will generate an extra $13 to 14 million in extra revenue for restaurants in the vicinity, with the Conference Centre adding another $20 million annually to the local economy.

LIDIS Executive Chairman Dennis Lidis said Riverside Tower will undoubtedly raise the bar for Sydney's west and will transform the river front into a vibrant new hub. Construction is due to commence this year with completion expected in 2018.

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Neil Perry heads to Parramatta