VIC Properties has secured permission for the landmark regeneration of Lisbon’s Matinha gasworks, representing one of the country’s largest residential-led mixed-use real estate projects to ever get green-lighted.
The approved masterplan will see the creation of c. 2,000 new homes, as well as 65,000m2 of commercial / office space, 120,000m2 of public green areas along with a new school and various entertainment venues.
First acquired by VIC Properties in 2019, and with a total gross development value of c.€2b, the project will see the creation of over 3,000 direct jobs, with the overall funding coming from private capital.
Situated on the River Tagus, between Parque das Nacoes 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.
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.
The new project builds on VIC Properties’ extensive role in the area’s regeneration over the last six years, which includes the 13-ha Renzo Piano-designed 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, 26,000m2 of new retail and leisure space and a new public waterfront park (Parque Ribeirinho Oriente), stretching 600m along the River Tagus, which opened in 2020.
Joao Cabaca, co-founder and CEO of VIC Properties, comments: “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. 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.”
Image source - VIC Properties.
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