VIC Properties has obtained approval from Lisbon City Council for the subdivision plan covering the northern section of the Matinha Detailed Plan, paving the way for the first phase of one of Portugal's largest urban regeneration projects.
The approved Subdivision A will deliver up to 771 homes across 22 plots, representing around 36.5% of the overall development. The scheme covers the area between Avenida Marechal Gomes da Costa, Rua de Cintura do Porto de Lisboa and Rua do Vale Formoso de Baixo, transforming a former industrial site on Lisbon's eastern waterfront.
The approved phase includes a total gross floor area of 123,632 sqm, of which 101,836 sqm will be dedicated to residential use. The remaining space will accommodate retail, services, leisure facilities and other complementary uses.
As part of the development, VIC Properties will transfer 14,608 sqm of land to the municipality for public green areas and community facilities, while a further 28,252 sqm will be allocated to roads and infrastructure, including 450 public parking spaces.
According to the developer, one of the project's key urban interventions will be the extension of Alameda dos Oceanos through a new road connection and roundabout, replacing the existing viaduct on Avenida Marechal Gomes da Costa. The infrastructure works are intended to improve connectivity with the A1 motorway, CRIL and Vasco da Gama Bridge, while extending Parque Ribeirinho Oriente to Parque das Nações Marina, creating more than one kilometre of continuous riverside green space.
“This will be one of the largest private developments in Portugal since Expo '98, with a significant economic impact and the creation of jobs, bringing to life a municipal masterplan approved more than a decade ago”, said João Cabaça, CEO and co-founder of VIC Properties. He also highlighted that the site will undergo a certified soil decontamination process before construction begins.
The project has received favourable opinions from the relevant public authorities and now moves to the urbanisation works licensing stage, currently under review by Lisbon City Council. VIC Properties expects construction works to begin in 2027.
With an estimated gross development value of approximately €2 billion, the full Matinha development is expected to deliver around 2,000 homes, 120,000 sqm of green areas and leisure facilities, 65,000 sqm of retail and services, a new school and several entertainment venues. The construction phase is expected to generate around 3,000 jobs.
Matinha represents the next stage of VIC Properties' investment in Lisbon's eastern riverfront, following the development of Prata Riverside Village, as the developer continues the regeneration of the former industrial area into a mixed-use urban district.
