According to the local council, the sale was formalised on Monday to real estate developer Carvoeiro Branco.

On-site, Carvoeiro Branco will build a “mixed-use project, which will integrate tourist and residential components”, highlights the Olhão City Council in a statement.

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According to the municipality, the project to be developed in the space of the old factory will have “around 500 apartments and a luxury hotel unit, covering a construction area of ​​approximately 70,000 square meters”.

“The project, with an estimated business volume of approximately €300 million, will be developed by ANTRIX, the sister company of Carvoeiro Branco. This newly established real estate development firm aims to expand the group's presence beyond the regional level, building on its 1,400 units already in the pipeline, to establish a strong footprint across the Iberian market. ANTRIX is already in negotiations to develop additional projects in Lisbon, Montijo, Setúbal, and southwestern Spain,” according to Carvoeiro Branco.

In the note, the mayor of Olhão, Antonio Miguel Pina, celebrates the municipality having completed the sale of a property acquired six years ago by the city hall with the “challenge” of “transforming it” to house an “anchor project for the development of the area” east of the Algarve city.

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“This project promises to reinforce not only the urban landscape but also the requalification efforts that the City Hall has carried out in that area of ​​the city, especially the renovation of Avenida 16 de Junho, which expanded and enhanced the riverfront”, considers the mayor of the municipality.

CEO of Carvoeiro Branco, Erik de Vlieger, highlights the strategic relevance of the new venture, both for the company and for the city.

“We are committed to creating a development that redefines the standards of luxury and quality in Olhão, providing residents and visitors a unique experience. This project is a testament to Carvoeiro Branco’s dedication to the social and economic development of the region,” said Erik de Vlieger.