Novo Banco in €250 million Algarve project

 In Development, Investment, News, Real Estate

By Michael Bruxo [email protected]

Novo Banco is seeking planning permission to develop a €250 million residential and tourism project by Portimão Marina in the Algarve.

The project from the bank which arose from the ashes of Banco Espírito Santo which collapsed in 2014 after it was discovered it had strings of bad loans from over-leveraged and risky deals, some of them in Algarve resorts which went sour during the last financial crisis of 2010-2013, now plans to build a massive residential and tourism project near the marina.
The plan involves constructing 652 residential and tourism dwellings, with a capacity for 2,664 residents, as well as a new hotel on a 26-hectare plot of land mostly covered in eucalyptus trees between the Estrada da Rocha roundabout, Tivoli Hotel and Portimão Port.
The project also includes office and services spaces and shop units, as well as green areas including an urban park and events venue according to the project’s environmental impact study which is available for public consultation until October 29.
According to the developer, the urban park will occupy 3.3 hectares of the plot’s total area and will become the city’s largest green space.
The aim is for the park to become Portimão’s new green corridor linking the town’s riverside area to Praia da Rocha.
The project is currently called ‘Loteamento ATR1 Foz do Arade’ and is included in the local council’s UP5 urbanisation plan.
The environmental impact study highlights that the project is expected to create 300 new jobs, most of them will be linked to the shops that are expected to open at the development, as well as the maintenance services of the residential and tourism apartments.
Also planned is the demolition of a number of structures located on the land, as well as the removal of rubble that’s been disposed of illegally.
The works are expected to be carried out over a 10-year period and divided into four phases.