Avenue is preparing to invest in a new project located on Avenida Fernão de Magalhães, in Porto. At stake is an investment of approximately 150 million euros by the real estate developer, according to Negócios.
The building will be converted into a multifunctional office and residential complex, abandoning initial plans to become a hotel. "We didn't think it made much sense to have a hotel there," Aniceto Viega, CEO of Avenue, told Porto Canal, adding that "our goal is exclusively to have housing and offices."
The new project, with a smaller area than originally licensed, has space for housing, offices and a retail component. "We're talking about around 30,000 square meters of residential space and almost 18,000 of office space. We will also have a small retail component there, facing Avenida Fernão Magalhães," said the head of the development company.
The new project is designed for 25 floors, with the upper part of the building dedicated to residences, with 0, 1 and 2-bedroom apartments, as well as some 3-bedroom apartments.
Aniceto Viega, CEO of Avenue, expressed confidence in the investment in the city of Porto, highlighting the company's previous good experience in the region.
The project is in the final stages of licensing and the aim is to begin commercialization in the second quarter of this year.
"We hope that in the second or third quarter we will already be preparing the above-ground structure that will be the new architectural solution," he said.
A project of this scale has a very big impact, and in this sense we hope to help revitalize this area, bringing housing and offices, added Aniceto Viega.
