The guidelines of the City’s General Plan (PDM) determine that what once was the site of the Fibra Comercial Lusitana Factory and a wannabe luxury building will now accommodate a residential and retail building project in the Foco area, next to the Avenida da Boavista.
The area is known for accommodating the excellence of business fabric in Porto and will be the site of a mix project for residential and retail construction. The over 28 million euros investment belongs to Nova Vaga, and will erect a mix project of residential and retail building in the nearly two hectare field located at Rua Fernando Pessoa and Rua Azevedo Coutinho, in the Central Business District (CBD) of Boavista.
“The project consists of two phases integrated in the allotment with 3.380 square metres of land and the construction capacity of 13 thousand square metres above ground”, stated real estate consultant Savills, which assisted the sales of two batches, in a press release.
That batch of land is considered by the City’s General Plan as “urban surroundings which are still in consolidation”. Artur Silva, administrator of Nova Vaga, claims that “this is an important acquisition for the company and it aligns with our business strategy of excellent location and quality constructing and workmanship”.
"It is most gratifying to manage to bring sales procedures to a rapid conclusion in the Invicta, thus contributing to a sustainable growth in Porto. This location, in particular, has low level of household offers, so it is especially rewarding that amidst the pandemic, there is this clear proof of market resilience”, enhances Filipe Santos, Associate Director of Savills Portugal.
Boavista Central Business District has been dynamic as regards office market, with a total of 70% of operations in 2020. This data is from the reals estate consultant Predibisa, which reported that the city’s economic and business dynamics feature office space occupation of about 10.269 square metres in the third quarter of 2020, 6% above the same period of 2019.