transaction of property and urban development.
Lisbon City Council has approved a real estate project by VIC Properties involving the rehabilitation of 30 hectares of the former Fábrica de Gás da Matinha.
The project, estimated at a 2 billion euro investment, plans to include around 2,000 homes, 120,000 square meters of green space, and various services like a school and leisure areas, potentially creating over 3,000 jobs.
Located near Marvila, between Parque das Nações and historic Lisbon, the project aims to revitalize an area that has been unused for over 25 years and improve connection to the Tagus River.
The development will occur in phases, with the initial phase of land decontamination already completed. The project emphasizes energy efficiency and sustainability, aiming to align with the “15 Minute City” urban planning concept.
VIC Properties CEO João Cabaça stated the project will significantly transform the area.
This Matinha rehabilitation complements VIC Properties’ other development, Prata Riverside Village, a 13-hectare project designed by Renzo Piano. Prata Riverside Village, slated for completion in 2026, includes 830 homes, 26,000 square meters of commercial and leisure space, and Parque Ribeirinho Oriente, with 75% already completed or under construction.
