One of Portugal’s largest residential-led mixed-use real estate projects has been granted approval.
The €2 bn project will see Lisbon’s abandoned Matinha gasworks site transformed into a mixed-use development by Portuguese real estate developer VIC Properties.
The 30-hectare riverfront property will feature approximately 2,000 new homes, 65,000 m2 of office and commercial space, and extensive green spaces totalling 120,000 m2. A new school, entertainment venues, and over 3,000 jobs will also be created.
This development, located between Parque das Nações and Marvila, will reconnect the city to its waterfront and promote a sustainable 15-minute city lifestyle.
João Cabaça, co-founder and CEO of VIC Properties, commented: ‘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 neighborhood to the city while reconnecting it to the Tagus River.’
The Matinha gasworks project expands on VIC Properties’ six years of revitalising the area, including the neighbouring 13-hectare Prata Riverside Village, designed by Renzo Piano. This mostly-completed project (75% finished and due for completion in 2026) adds 830 homes, 26,000 m2 of retail and leisure space, and a River Tagus waterfront park (Parque Ribeirinho Oriente), opened in 2020.
