The Porto Maravilha (Marvellous Port) project has completed another phase, this being a project which plans to revitalize the port region of Rio de Janeiro. The Certificates of Additional Building Potential (Certificados de Potencial Adicional de Construção - Cepacs) of the Port region, which are property deeds, were auctioned last Monday (13 April).
The offer of these papers, in one single batch, was picked up by the Porto Maravilha Property Investment Fund (Fundo de Investimento Imobiliário Porto Maravilha), from the Brazilian Federal Savings Bank (Caixa Econômica Federal - CEF). According to the Rio de Janeiro City Hall, the Fund picked up some 6.4 million deeds at a unit price of R$ 545 each, giving a total of R$ 3.5 million (€ 1.54 million). The deeds may be traded on the market.
This means that the second phase of the Porto Maravilha project may now get under way. The intervention work shall be carried out on a land area of 5 million square meters, including actions such as the demolition of part of the Perimetral Raised Expressway (between the Candelária Church and the Bus Station, in the city centre), the construction of 4 km of tunnels, the redevelopment of 70 km of roadways and also the reconstruction of 700 km of urban infrastructure.
According to Rio de Janeiro City Hall, the second phase shall be implemented by the Porto Novo (New Port) consortium, which was the winner of the largest Public-Private Partnership (PPP) in Brazil, with a total value of around R$ 7.6 billion (€ 3.35 billion). The contract was signed last November.
In the first five years, the Consortium shall work on urban infrastructure and shall also be responsible for the maintenance of the roads and avenues in the region for a period of fifteen years.
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04/05 | News
