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Lucios Real Estate invests €97M in the refurbishment of Edifício Pacífico
18 October 2019 | Ana Tavares

Lucios Real Estate prepares to invest a total 97 million euro in a mixed conversion and modernization project of the building known as «Pão de Açúcar», in Porto (Portugal).

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This building, which has been vacant for several decades – located at Avenida Fernão Magalhães and at Abraços street, next to Campo 24 de Agosto – should now gain a second life with Lucios Real Estate’s project, as Edifício Pacífico.

The project will have a total area of 49.000 sqm which includes commercial areas, amongst which a supermarket, services, including a gym, offices, houses and a hotel, in 4 distinct volumes, besides a public parking lot. A pedestrian square will be created and the Abraços street will be widened in order to facilitate access and ease traffic at Avenida Fernão de Magalhães. Construction will be carried out «in perfect harmony with the surrounding streets and buildings», stated the company in a release.

«This is, probably, the greatest project at the centre of Porto in the last few years, which means we have an enormous project in hands, which demands a great responsibility», stated the administration of Grupo Azevedo’s, owner of Lucios Real Estate. «The existing construction represents a serious problem in terms of public interest, with a heavy design maladjusted to the city’s current reality. Our main goal is to return this space back to the community, promoting business, jobs and new dynamics».

Without disclosing potential tenants or operators, the administration guarantees it is secure that «there is an enormous interest in Pacífico, so we are evaluating the best proposals for the city and for the project’s goals», promising more news for the coming months.

The building’s first stone was laid in 1974, when the construction of what would become a parking lot and a shopping gallery started. Construction works were later suspended, already during the 90’s, and the building remains unfinished until today.