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Prata Riverside Village represents a €400M investment
11 October 2019 | Ana Tavares

The Prata Riverside Village, the former project for the Marvila area, in Lisbon, signed by Pritzker Renzo Piano, on which VIC Properties proposes to invest more than 400 million euro is expected to be concluded by 2020/2024.

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The project was bought by VIC Properties in 2018 for around 150 million euro following a deal with the insolvency administrator and creditors of Obriverca, the construction company which owned the project, which until then was managed by Norfin.

This new development will add 600 new dwellings to the city’s offer and the company intends to have it fully integrated in the Parque das Nações.

During a press conference, Luís Gamboa, COO, and João Cabaça, CEO, explained that the company intends to create a true neighbourhood and an example of urban regeneration in the city, a community that can be «dynamic and self-sufficient in terms of services and commerce» and open to the local community.

VIC proposes to conclude the project until 2024 precisely «so we don’t lose our local neighbourhood dimension». When questioned about the lack of manpower in construction, they believe they will be able to meet the deadlines, since «we are guaranteeing work for 4 years, and we manage the construction works directly, with less middle men».