One of best things about Valencia is the empty riverbed of the Turia, which has been turned into an 8km-long, twisting park through the middle of the city, with a lagoon, gardens and playing fields plus the amazing City of Arts and Sciences, an architectural wonderland.
You can cycle from the old town and through cycle paths in the park and on to the revamped port, seeing everything in half a day. Hire bikes (including tandems) at Cycletour, next to the fab Gulliver’s playground in the park, or in town at the excellent Orange bikes.
Orange Bikes Santa Teresa 8, Valencia (0034 96 391 7551, orangebikes.net).
Updates
I agree completely with ECVitoria, the riverbed is the best place in Valencia. The first update for this tip sounds a bit... commercial? Well, now there are some companies who rent bicycles in Valencia... it's not "so unusual". I took a look at all of them, and my opinion is (talking about the options on this tip): you can hire the bikes in the riverbed, it's true, but they're expensive and the bikes are crap. The "fantastic" shop with the choppers is not bad, the bikes are good, not cheap, but, honestly, this is not the type of bicycle for a town like Valencia... The bike path in the riverbed is not asphalt, and these bikes are a bit dangerous in this terrain, you can slip easily.And I agree again with the "excellent " Orange Bikes. First, you can choose from a wide range of options. Simple city bikes with no gears, trekking or more equipped city bikes, mountain bikes and even electric bikes! The people who run the shop are nice, always open to give you advice for your route or even to tell you where to go to have nice food or drink.
I cycle a lot at home, especially mtb, and the last time I went there I took a mtb, Alpinestars, with 24 gears and even a lockout front fork suspension! Included in the rental rate, they gave me a helmet and a full kit to replace the tube if you have a puncture. It was really useful because in the riverbed there are some plants with really hard and spiky thorns, and I had a flat tire.
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Soul cycles, caille murillo 22. email: soulcycles@gmail.com
I use these people everytime. They are really friendly, nothing is too much for them. They speak English, Dutch and Spanish. You get a small backpack for water. The only place you can hire choppers/cruisers. I have looked around and these people are the best in Valencia.
Cycling down the riverbed is cool; everyone wanted to know where we got the bikes as they are so unusual in Spain. To find them they are near the Torre's de quart. Highly recommended