Lisbon City Council has given the green light to VIC Properties for one of the largest real estate projects in the country's history, which will involve the rehabilitation of the 30 hectares of the former Fábrica de Gás da Matinha.

With an estimated investment of 2 billion euros, the project includes the construction of approximately 2,000 new homes, 120,000 square meters (m2) of green spaces and a variety of services, including a new school and leisure areas, which promise to create more than 3,000 jobs.

Located on the edge of Marvila, between Parque das Nações and the historic area of ​​Lisbon, this project transforms an area that was abandoned for more than 25 years. The project not only aims to revive the area, according to idealista, but also restore the connection between the city and the Tagus River, creating a modern, people-centered space.

The development will be carried out in several phases, and the developer has already completed the first phase of decontaminating the land. The company highlights that the new community will be energy efficient and sustainable, aligning with the urban planning concept of the ‘15 Minute City’, where everything needed is within walking distance.

João Cabaça, co-founder and CEO of VIC Properties, says he is “extremely proud” of the impact the project will have on transforming the area, considering it a milestone in the regeneration of forgotten industrial land.

The rehabilitation of Matinha comes to complement other projects already under development by the developer, such as Prata Riverside Village, a 13-hectare project designed by Renzo Piano, and which is 'neighbour' to the Matinha project. Scheduled for completion in 2026, and with 75% already delivered or under construction, the aforementioned project will create, in total, 830 new homes in Lisbon, 26,000 m2 of new commercial and leisure spaces, as well as Parque Ribeirinho Oriente.