VIC Properties secures approval for a €2 billion development at Matinha, featuring 2,000 homes, schools, and expansive green spaces.

In a significant stride towards urban revitalization, VIC Properties has received the green light for an ambitious €2 billion project on the historic Matinha land, previously home to the old Matinha Gas Factory. This extensive redevelopment initiative, recently sanctioned by the Lisbon City Council, envisions the construction of approximately 2,000 residential units, complemented by educational institutions, verdant green spaces, recreational areas, commercial offices, and retail establishments.

The approved Matinha Execution Unit, a pivotal component of the Urbanization Contract, marks a watershed moment in the realm of mixed-use real estate development in Portugal. Spanning a vast area, the project promises to deliver around 120,000 square meters of lush green spaces and leisure facilities, alongside 65,000 square meters dedicated to services and retail. Furthermore, the blueprint includes the establishment of a new school and various entertainment venues, all designed to foster a vibrant community atmosphere.

The transformation of the former industrial site, which has languished in neglect for over 25 years, will involve a comprehensive decontamination process. This endeavor is part of a three-phase rehabilitation strategy, with the initial phase successfully completed by VIC Properties in 2021. The overarching goal is to cultivate an energy-efficient community that embodies the principles of sustainability, accessibility, and convenience, aligning seamlessly with the innovative ’15-Minute City’ urbanism model.

Acquired by VIC Properties in 2019, the Matinha land represents the last available parcel along Lisbon’s picturesque riverfront, situated between the bustling Parque das Nações and the charming Marvila district. The project is poised to reintegrate this once-abandoned area into the urban fabric of Lisbon, effectively reconnecting the Eastern Riverside Zone to the city center and creating a dynamic, modern, and people-centric environment.

In addition to its ambitious scope, the Matinha project is expected to generate approximately 3,000 direct jobs during the construction phase, providing a much-needed economic boost to the region. This initiative also reinforces VIC Properties’ ongoing commitment to urban rehabilitation, as evidenced by their neighboring Prata Riverside Village project, which spans 13 hectares and includes 830 homes, commercial spaces, and leisure facilities, slated for completion in 2026.

The Matinha project not only signifies a monumental investment in Lisbon’s urban landscape but also heralds a new era of sustainable development that prioritizes community well-being and environmental stewardship. As the city embarks on this transformative journey, one can only anticipate the vibrant tapestry of life that will soon flourish in this reimagined space.