Multi-million euro investment planned for Portimão .jpg

Multi-million euro investment planned for Portimão

A TOTAL of around 100 million euros is about to be pumped into Barranco do Rodrigo, a neglected area that lies between the city of Portimão and the town of Alvor.

Portimão Câmara has launched a public tender for the construction of a sports complex featuring an Olympic sized swimming pool, a multi-purpose pavilion, shopping centre, football stadium and residential development on a 27-acre site currently owned by the council.

The way the project will work is that the council will offer the land to the developer at no charge, who is then obligated to build the aforementioned list of facilities. The company involved will then recoup their investment through commercial activities and the sale of residential property.

The football stadium will likely become the new home for local team Portimonense and the pavilion will play host to a range of different events including exhibitions and fairs. As well as the residential property and sports complex, the Câmara also promises the multi-million development will include several spacious green areas.

The Câmara’s press office told The Resident’s Caroline Cunha that there are three companies competing for the contract, those being: Amorim Group, owners of Modelo and Continente supermarkets and The Lake resort in Vilamoura, among other interests, Alexandre Alves Group, the parent company behind the newly opened Portimão Retail Park and several real estate projects, and, finally, the Lena Group, whose property interests are concentrated in Leiria (central Portugal) and Brazil.

Due to the complexity and size of the project involved, the town hall’s spokesperson explained that the tender process would only be concluded at the end of this year. Construction is likely to commence in spring of 2007.  Portimão has been the subject of significant economic interest in recent months, with this project following hot on the heels of Capital Invest’s major investment in the new Retail Park at Chão das Donas.