Major Urban Development in Lisbon
VIC Properties has received the green light for the rehabilitation of 30 hectares at the former Matinha Gas Factory, promising to bring around 2,000 new homes to Lisbon, alongside 120,000 m² of green spaces, a new school, recreational areas, offices, and retail spaces, all part of a €2 billion investment.
City Council Approval
The Lisbon City Council has approved the Execution Unit for Matinha and the corresponding Urbanization Contract, enabling VIC Properties to initiate the redevelopment of this significant area. This project marks one of the largest residential and mixed-use real estate projects in Portugal's history.
Project Features
The approved plan includes approximately 2,000 new homes, 120,000 m² of green spaces, and dedicated leisure facilities, as well as 65,000 m² for services and retail, and a new school to serve the community.
Job Creation and Funding
Acquired by VIC Properties in June 2019, this project will create 3,000 direct jobs during the construction phase, with funding sourced entirely from private capital.
Revitalizing an Abandoned Site
Once a thriving industrial area, the Matinha site has been neglected for over 25 years, severing the connection between the Eastern Riverside Zone and central Lisbon. This redevelopment aims to reintegrate this area into the city, creating a dynamic and modern neighborhood.
Environmental Sustainability
As part of the redevelopment, the old gas factory site will undergo decontamination, with the first phase completed in 2021. The project aims to establish an energy-efficient and environmentally-friendly community, aligning with the urban planning model of the 'City of 15 Minutes'.
VIC Properties' Commitment
The Matinha project is part of VIC Properties' pioneering role in revitalizing the area over the past six years, which includes the successful Prata Riverside Village, designed by Renzo Piano. With completion expected in 2026, the Prata project has introduced 830 new homes and 26,000 m² of commercial and leisure spaces.
Transforming Lisbon's Urban Landscape
João Cabaça, co-founder and CEO of VIC Properties, expressed pride in leading this significant transformation, stating it will reconnect this important area with the Tejo River and create a vibrant new neighborhood in Lisbon.
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