Plan is “one of the country’s largest residential-led mixed-use real estate projects to ever get green-lighted”
The municipal council of Lisbon has approved a transformative €2 billion redevelopment project for the long-abandoned riverside Matinha area.
Led by VIC Properties, the project includes the creation of around 2,000 new houses, as well as 65,000 sqm of commercial/office space, 120,000sqm of public green areas along with a new school and various entertainment venues.
The endeavour is described by the developer as “one of the country’s largest residential-led mixed-use real estate projects to ever get green-lighted.”
First acquired by VIC Properties in 2019, the project will see the creation of over 3,000 direct jobs, with the overall funding coming from private capital, the developer says.
“Situated on the River Tagus, between Parque das Nações and Marvila, the former 1940s industrial site has remained abandoned for over 25 years, disconnecting the city from its waterfront. It represents the last major component of the waterside’s reimagination into a thriving, pedestrian-centric destination and effective extension of the capital city,” VIC Properties says in a statement to the press.
“As part of the overall process, the existing land will be decontaminated, with the first of the three phases already completed by VIC Properties in 2021. The repositioning of such a large industrial area will allow for the creation of a more sustainable, energy efficient and eco-friendly community, where enhanced accessibility and convenience will truly embrace the “15-minute city” model for all its residents,” it adds.
The developer has already invested heavily in Lisbon’s 13-hectare Prata Riverside Village project that neighbours Matinha gasworks. Due for completion in 2026, with 75% already delivered or under construction, Prata Riverside Village is introducing 830 new homes, 26,000sqm of new retail and leisure space and a new public waterfront park (Parque Ribeirinho Oriente), stretching 600 meters along the River Tagus, which opened in 2020.
“Together with Prata Riverside Village, the Matinha project will complete the largest and most impactful urban redevelopment ever carried out by private capital after Expo 1998 in Lisbon,” says João Cabaça, co-founder and CEO of VIC Properties.
“We are extremely proud to be the driving force behind the transformation of this prime area of Lisbon, delivering almost half of the regeneration of this challenging and forgotten former industrial land, and introducing an entire new neighbourhood to the city while reconnecting it to the Tagus River. We are looking forward to building on our success of Prata Riverside Village, which is now a thriving community and natural extension of the city of Lisbon,” the CEO adds.
