The redevelopment of North Bank has officially begun with the first sod turned on Wednesday.
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Launceston mayor Albert van Zetten said the project was expected to be completed by the middle of 2018.
“We are incredibly excited about this project, and the way it is going to transform a riverfront area of our city and open it up to new possibilities,” he said.
“Since the completion of the $58 million Launceston flood levee reconstruction project, the city's riverbanks have been opened up to recreation in ways that were not previously possible.”
Alderman van Zetten said the plans for the family-friendly hub were made with potential flooding in-mind, with easy to clean up designs and installations.
A key part of the project is the relocation of Boral, which the mayor said should be complete “in the next couple of months”.