Local developer Nakheel is issuing tender documents for the contract to build its AED5bn ($1.36bn) Deira Islands Boulevard project on the Deira Islands development in Dubai.

The project involves the construction of 16 residential towers reaching up to 21 floors in four clusters with 2,924 apartments and townhouses. There will be 4,500 podium-level car parking spaces at the development, which will have a total built up area of over seven million square feet.

Each tower will have a swimming pool as well as retail, restaurant and recreation space. Once completed the towers are expected to be home to 10,000 people.

Completion is scheduled for 2020.

The Boulevard will also contain six further buildings – two hotels, two serviced apartment complexes and two residential – bringing the total number of towers to 22. The tender for the construction of these towers will be issued later.

Deira Islands Boulevard will be built around Deira Mall, which is out to tender. Nakheel expects to award more than AED10bn of construction contracts in 2017 as it moves forward with a series of major building projects, including Deira Islands Boulevard and Deira Mall.

The expected total for 2017 is a significant increase on the value of awards made in 2016. Nakheel says that it awarded about AED6bn of contract awards this year.

Over the past two years Nakheel has been building assets that will give it steady long-term revenue streams and those projects are adding to revenues. It expects recurring income to exceed AED2bn in 2016.

Retail is a key component of Nakheel’s plans to boost its recurring revenues and the developer has more than 5.6 million square feet of retail space under construction.