A Chinese-owned real estate company proposes to invest 300 million euros in a large real estate development in Alcântara, Lisbon, advisory firm JLL Portugal said.
This company brokered the purchase by EMGI Investment Group from Millennium bcp of a 14-hectare plot of land that was the former Alvito quarry, for which there is a detailed plan approved by the Lisbon council in 2015 and corrected in March this year.
This plan includes the construction of ten buildings with four, five and seven floors above ground and two basements, making a total area of more than 121,000 square metres.
JLL Portugal said in its statement on Tuesday that the project concerned “a mixed real estate programme of 87,000 square metres of housing, 22,000 square metres of offices and 11,000 square metres of retail, complemented by 900 parking spaces.”
The Público newspaper reported that for at least 16 years there has been talk of a large development for that area, which over the decades has been successively occupied by warehouses, scrap dealers and houses.
The plan in force was approved in December 2015, covering, besides the buildings, almost 50,000 square metres of green spaces and some public facilities.
The Encosta da Tapada project, which is the name of the future venture, was launched by a company of the same name in 2003 after it bought the land for 16.5 million euros from the many heirs of the former quarry.
At the time, construction was expected to begin in that year or the next, but the land eventually ended up in the hands of the Millenium bcp bank, which put it up for sale two years ago for 34 million euros. (Macauhub)