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 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.

But despite marketing material used to sell apartments including images of a large marina, no plans for that feature have been lodged with council or the state government.

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’s impressions show a “skybridge” linking two taller towers together, but Kokoda confirmed this week that the feature had 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.

The original development application lodged with Brisbane City Council said various industrial contaminants needed to be cleared before construction could begin.

It was also noted the area was flood prone, impacted by storm surges, and subject to “coastal erosion, permanent inundation due to sea level rises at [the year] 2100, as well as medium and high storm-tide inundation”.

Kokoda Property Group managing director Mark Stevens said the company had made $285 million in off-the-plan sales on the first day.

“The demand for a luxury product in this enclave has been extraordinary – we’ve never seen anything like it before,” he said in a statement.

Stevens previously said the company still planned to build the unapproved marina.

“The Teneriffe Banks renders currently available to the public show an artist’s impression of Kokoda Property’s vision for a riverfront marina,” he told this masthead in a statement in May.

“Kokoda Property will shortly engage with the relevant state and council authorities to submit a development application for the marina that is separate to the parent land DA that has been previously approved.”

Start the day with a summary of the day’s most important and interesting stories, analysis and insights. Sign up for our Morning Edition newsletter.