The sale of the property where the former Belaolhão Ration Factory operated, located in the city’s industrial zone in front of the fishing port, was made official on January 27, a new venture will be built on site.
At the site, Carvoeiro Branco, a reference promoter in the real estate sector with almost 20 years of experience, will develop a mixed use project that will combine tourist and residential components.
The new venture will feature about 500 apartments and a luxury hotel unit, totaling approximately 70 thousand square meters of built area. In addition, 250 parking places to the municipality is expected to be provided free and without term, contributing to the creation of another parking pocket in the city.
The contract also defines a deadline for the completion of the work, which must be finalized up to 96 months after the scripture signing.
Regarding this milestone, the president of, António Miguel Pina, expressed his satisfaction to conclude “the one who was a great challenge that we took about six years ago, when we decided to buy that space, transform it and do an anchor project there for the development of the nascent area of the city ”.
The mayor also highlighted the positive impact of the project on the urban requalification of the city: “This venture promises to reinforce not only the urban landscape, but also the rehabilification efforts that the City Council has been carried out in that area, namely the renewal of Avenida 16 de June, which expanded and valued the riverside front ”.
Already Erik de Vlieger, CEO of Carvoeiro Branco, stressed the strategic importance of investment to the region: “We are committed to creating a venture that redefines luxury and quality patterns in Olhão, offering residents and visitors a unique experience. This project is a testimony of Carvoeiro Branco’s commitment to the social and economic development of the region. ”
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