A large-scale project is about to take shape on a former state property located in the parish of Olivais in Lisbon. With an area of more than 42,000 square metres, the new urbanisation will include a university residence, residential buildings, a hotel, shops and green spaces, reports Público.
The new development will be built on Avenida Doutor Alfredo Bensaúde, in the parish of Olivais. The 42,000 square metre site was acquired in 2019 by Guadamad 2 Development from Estamo, the public company responsible for managing state property, for 38 million euros.
This former public land will be the site of a new centre in the capital, designed by the Lisbon Office for Architecture and Design. This is one of the last large empty plots in the city of Lisbon.
Seven buildings are planned, ranging in height from eight to 12 storeys. The project will include 460 homes, a student residence with 750 accommodation units and a hotel with capacity for up to 400 beds. In addition, the mega-development will include commercial areas, a 1,700 square metre green park and 241 public surface parking spaces.
The project is currently in public consultation until 8 October. However, details of the estimated property investment have not yet been released, nor have the deadlines for the start and completion of the work.