A four-level multi-storey car park providing up to 140 additional parking spaces will be built at a site off Webb Street, Riverwood.
To be built next to the existing 66 space car park, it will bring the number to around 210 car spaces available for commuters at Riverwood station.
Community consultation for the project will begin later this year when local residents will be able to view and comment on the Review of Environmental Factors, the official planning document for the proposal.
Construction expected to start at the end of the year and be completed by the end of next year.
Federal Member for Banks, David Coleman, and State Member for Oatley, Mark Coure, said the project will be jointly funded by the Federal and NSW Governments.
"The new multi-storey will provide customers with consolidated and convenient commuter parking, all within walking distance of the railway station," Mr Coure said.
"This proposal will not only provide customers with greater access to public transport, it will also generate around 60 jobs, ensuring we have more tradies with tools in hand."
Mr Coleman said that it is great to see progress on this project as parking in Riverwood has been an issue for some time.
"This new commuter car park in Riverwood will help to reduce parking congestion in residential streets and provide better access to the station for commuters," Mr Coleman said.
Key features of the proposal include accessible parking spaces and lift access, and CCTV, lighting and wayfinding signage for safety and security.
There will be provision for future electric vehicle charging spaces, Transport Park and Ride infrastructure (Opal operated boom gates) and rooftop solar panels.
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