A new hotel and hospitality destination is being developed in neighbouring Teneriffe, where the $1.5 billion Teneriffe Banks project is planned with 212 residences and a sizeable new waterfront dining and retail precinct.
The project adds another major mixed-use address to the inner-city area immediately east of Fortitude Valley, although much of what has been announced is quite different from the Valley’s established entertainment and hotel precinct.
Teneriffe Banks occupies a 17,612-square-metre site on Skyring Terrace overlooking the Brisbane River.
Early site works began in August 2025 and Kokoda Property appointed Versatile Construction as builder later that year. Staged delivery is expected to begin from 2028.
The hotel may be the bigger story beyond Teneriffe
At the centre of the public-facing hospitality offer is Brisbane’s first Kimpton hotel.
IHG Hotels & Resorts expects the approximately 155-room property to open in 2028, bringing one of its luxury and lifestyle brands to Teneriffe.
The hotel is planned with a restaurant and bar for more than 200 patrons on Level 14, an infinity pool overlooking the river, a spa and fitness centre and 618 square metres of indoor and outdoor event space.
Kokoda’s hospitality plans for the wider development go further, with more than 2,800 square metres of waterfront dining and retail proposed across the precinct.
That will put another concentration of restaurants and hospitality venues within the broader inner-city area, but with a distinctly riverfront setting.
Much of the wellness precinct will remain private
Teneriffe Banks has also attracted attention for the scale of its wellness facilities.
Banks Athletic is planned as a private health club for residents, with rooftop pools, hydrotherapy facilities and exercise areas among the amenities outlined by the developer.
The Canopy Club will also be reserved for residents, combining dining and social spaces with leisure and work facilities.
Those amenities should not be confused with public health or recreation facilities. For visitors, the more accessible parts of the project are expected to be its hotel, hospitality, retail and parts of the landscaped ground plane.
Opening the site towards the river
Kokoda says more than 10,000 square metres will be given over to parkland, gardens and public spaces.
The architectural plans also show an extended Riverwalk and new laneways through the site, while a proposed marina remains part of the masterplan.
Together, those elements make Teneriffe Banks considerably broader than its residential component, even though its high-end apartments remain a major part of the development.
For Fortitude Valley readers, that is where the connection is strongest. Teneriffe Banks is not a Valley development, but it is creating another large hotel, dining and leisure destination in the adjoining inner-city neighbourhood — and one that is expected to begin opening from 2028.
Published 27-Aug-2026
