Green light for €2Bn regeneration project at Matinha
Lisbon Municipal Council has given the green light to a €2Bn redevelopment and urban regeneration housing project on parcels of brown field industrial land at Matinha in East Lisbon.
The project, built on and around a former gas works by the River Tagus, is one of the largest real estate projects in Portugal, with several infrastructures dedicated to leisure and services which will transform this part of the city into an area to live, work and enjoy leisure time.
The project from VIC Properties is an urban mixed-use residential development on a par with the recently unveiled Entrecampos residential, office and retail project closer to the city centre.
Planning permission has been approved for the construction of around 2,000 new homes, 120,000m2 of green spaces, leisure amenities, 65,000m2 of retail services, as well as a new school and entertainment venues.
The land occupied by the former Matinha Gas Works will be decontaminated, completing the first of three phases of redevelopment by VIC Properties projected in 2021.
According to the developer, the regeneration of this large urban industrial site will create an energy-efficient community, where sustainability, accessibility and convenience will translate into the concept of the 15-minute city.
The Matinha land was acquired by VIC Properties as early as 2019, with an overall gross development value estimated at around €2Bn (all capital will be private). The project is expected to create 3,000 direct jobs during the construction phase.
This former industrial zone of the 1940s is located on the first line of the Tagus River, between Parque das Nações and Marvila.
It was abandoned for more than 25 years, interrupting the connection of the Eastern Riverside Zone to the city centre.
Today, it is the last plot of land available on this riverside front of the city, which can be reinvented in an integrated way, creating a dynamic, modern and people-centred area, «in an effective return of this area of Lisbon to the city and its population”.
The Matinha project reinforces the regeneration activity of this area of the city that VIC Properties has been developing in recent years, namely with the construction of the neighbouring Prata Riverside Village, a project of 13 hectares, 830 dwellings, commercial and leisure spaces, scheduled for completion in 2026.
