Lisbon invests €20 million to attract qualified jobs to Beato

 In News

Lisbon City Council is investing €20 million as part of a plan to turn the Beato area of the city into an innovation hub.

In 2016 the city council acquired a building which had formed part of a deactivated military complex, paying around €7 million.

The purchase resulted in the Beato Creative Hub project which will house various technology companies. However, Lisbon Council aims to go further by taking possession of the North plot of the complex which has a larger area than the South and currently being refurbished.

“We are very pleased with how work on the Beato Creative Hub is progressing. We have various benchmark projects earmarked for the space,” says Lisbon Mayor, Fernando Medina in an interview with news outlet Dinheiro Vivo.

“We are signing the last agreements needed to develop that area and will have more news shortly” said the Mayor adding, “We are starting work on the second phase of this project which will involve negotiations with the military for the North plot which has an area that is three times as large as the one we are working on at present.”

“The area to the North will have spaces for companies, startups and services. It currently has a large theatre, a creche and farmland. “It is a less compact area than the one where Beato Hub is

currently being developed,” says the Mayor.

However, the area is not well served by public transport infrastructure and the Council has plans to extend the Nº15 tram line to Santa Apolónia as well as a footpath and cycleway from Marvila to the Beato Hub.