Urban renewal strategy for Tejo riverbanks aims to attract foreign investment

 In Construction project management, Development, Investment, News, Original, Property, Urban planning, Urban Rehabilitation

Economy minister praises region’s potential as a hub for foreign capital

In a move aimed at attracting significant international investment, the Portuguese government has unveiled plans to create the Humberto Delgado Park, a large-scale urban redevelopment project spanning both sides of the Tagus (Tejo) River in the Lisbon Metropolitan Area.

The multidimensional project, announced by Prime Minister Luís Montenegro in his closing speech at the recent PSD (Social Democratic Party) Congress, aims to boost the region’s potential as a hub for foreign capital, “particularly from Gulf countries”, revealed the Minister of Economy, Pedro Reis.

As online news source ECO explains, the real estate sector in Portugal is garnering attention from international investors, who are eager to put their money into large-scale rehabilitation projects. Pedro Reis highlighted this growing interest during the opening of the Portuguese Managers’ Congress on Tuesday, noting that the initiative seeks to give “scale to projects and streamline licensing in large urban rehabilitation and development areas.”

The government’s proposal has sparked interest but also concerns among local officials in the affected municipalities. The proposed park will focus on urban regeneration across several strategic areas, including Almada, Barreiro, and Seixal on the southern bank of the Tagus, as well as areas in Lisbon, Oeiras, and Loures.

The plan is divided into three major hubs. The first will focus on the regeneration of the Arco Ribeirinho Sul, covering the municipalities of Almada, Barreiro, and Seixal. The second will centre on the creation of the Ocean Campus, revitalising the space between Vale do Jamor and Algés, in Lisbon and Oeiras. Finally, the third hub involves redeveloping the land currently occupied by Humberto Delgado Airport, which will be vacated once the airport relocates, in the municipalities of Lisbon and Loures.

Miguel Pinto Luz, Minister of Infrastructures and Housing, guarantees that the project will not be developed behind mayors’ backs, and that the government will contact the mayors of each municipality to discuss the plans. “Their contributions will be important to enrich a large-scale project which will have a strong impact on the urban transformation of these municipalities,” the minister told ECO. “The objective is to listen to and involve everyone. Only after hearing the entities which will be an integral part of the project will the details of the Humberto Delgado Park be revealed.”

Seixal mayor, Paulo Silva, has confirmed that he has already been contacted by the minister, who assured him that the municipalities involved would be consulted, and nothing would move forward without their input. The minister’s “reassuring phone call” has convinced the mayors to put their request for an urgent meeting with the PM on hold, although they still seek to sit down with government officials to discuss the project.

“We are eager to see what (the government) aims to do. We have always been on the side of a solution and the development of the territory, and we accept proposals. The Arco Ribeirinho area, spanning several municipalities, is very important to the development of the region, and it is time to turn words into action,” the mayor stated.

There is one condition, however, that the Seixal mayor is imposing in order to give the project his support. The hub planned for Seixal must be an “economic development hub for the installation of companies. We do not want housing, unlike other municipalities, we want more companies.”

By MICHAEL BRUXO

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PHOTO: Almada – Photo: Alexandre Contador/Unsplash
However, not many more details about the project have been revealed so far, and local mayors were caught off guard by the surprise announcement by Luís Montenegro.