The Forest Road Recreation Ground skate park, located at the junction of Forest Road and Elmbridge Road, has been used by youngsters for more than two decades.
Redbridge Council said a recent inspection deemed the structure unsafe, leading to its closure.
While routine repairs and maintenance were carried out for many years, the authority feels the time has come to retire the existing facility.
Council leader Kam Rai said: “We’ve known for some time that Hainault Skate Park, which has been well-used and well-loved over the years, would soon need replacing.
“That’s why we took the proactive step in February this year to designate funding in our budget to deliver a new skate park.”
Redbridge Council and Vision RCL are planning to reimagine the space, working alongside residents and skate park users.
A public consultation will soon be launched, allowing people to share their ideas on the new skate park’s key elements, including features, design, layout, and accessibility for all skill levels.
Councillor Rai added: “Thanks to the work we’ve already done, we are in a position to move quickly on a replacement.
“We’ve already contacted a number of specialist providers, and expect to commission a replacement park shortly.
“We look forward to engaging directly with local skaters and park users on the design of the new site.
“We want the new skate park to be shaped by the people who use it, and to come back even better than before.”
In the meantime, skaters can use alternative facilities in Seven Kings and Romford.