The Lisbon City Council has granted approval to VIC Properties for a landmark real estate development that will rejuvenate the long-abandoned 30-hectare site of the former Fábrica de Gás da
Matinha. The ambitious project is one of the largest in Portugal's history and is set to revitalize the area with a massive investment of 2 billion euros.
Project highlights
The development will feature approximately 2,000 new homes and 120,000 square meters of green spaces, alongside a range of essential services such as a new school and leisure facilities. These initiatives are expected to generate over 3,000 jobs, making the project a significant economic boost for Lisbon.
Strategic location
Situated on the edge of Marvila, between Parque das Nações and Lisbon's historic district, the project aims to breathe new life into a site that has remained abandoned for more than 25 years. Beyond revitalizing the area, the development seeks to reconnect the city with the Tagus River, offering a modern and people-focused urban space.
Sustainable urban vision
The project will be developed in phases, starting with the successful decontamination of the land. VIC Properties emphasizes the creation of an energy-efficient and sustainable community, adhering to the principles of the ‘15-Minute City’ concept, where residents can access all essential services within a short walking distance.
Leadership perspective
João Cabaça, co-founder and CEO of VIC Properties, expressed his pride in the project’s transformative potential. “This is a milestone in the regeneration of forgotten industrial land,” he said, highlighting its importance in reshaping the city.
Complementary developments
The Matinha project will complement other major initiatives by VIC Properties, including the Prata Riverside Village. Designed by renowned architect Renzo Piano, this 13-hectare project is adjacent to the Matinha site and features 830 new homes, 26,000 square meters of commercial and leisure spaces, and the Parque Ribeirinho Oriente. With 75% of the Prata Riverside Village already delivered or under construction, the project is on track for completion in 2026.
By bringing new housing, green spaces, and community-focused services, the Matinha rehabilitation is set to become a flagship example of urban regeneration in Lisbon, merging sustainable development with a vision of modern living.