Cascais Announces €100 Million Luxury Development on Former Shopping Center Site
A group of investors, including Brazilian billionaire Carlos Alberto Veiga Sicupira, will invest €100 million in a new luxury real estate development in Cascais. The project, named Atóll, will be constructed on the site of the former Cascais Villa Shopping center, which is currently being demolished. The announcement was confirmed by municipal sources, highlighting the project's scale, which represents nearly a quarter of the town's annual budget of €426.5 million.
The development plans feature two high-end residential towers and a commercial area, with the architectural design led by the acclaimed British architect Norman Foster, supported by the local Portuguese studio Fragmentos. According to Cascais Mayor Carlos Carreiras, the project is designed to 'humanize the entrance to the town,' incorporating 'wide avenues, terraces, and social spaces.' The development is expected to further solidify Cascais's position as a key destination for foreign investment, particularly from the Brazilian luxury market.
Construction work officially commenced in April of this year, with a projected timeline of three years for completion. The demolition of the previous structure, which was built in 2001, is being conducted under strict sustainability criteria. Nuno Piteira Lopes, the Deputy Mayor of Cascais, stated that the process will be 'absolutely meticulous and sustainable, with the reuse of materials in the construction of the new building.' This approach aligns with the project's focus on durability and environmental responsibility.
According to official documents, the Atóll residential complex will feature 'natural elements, such as botanical gardens and sun-exposed terraces, architecture marked by organic forms, and the use of warm-colored materials.' The plan also includes extensive landscaping with new trees and a large underground parking facility with capacity for 600 vehicles. The developer, Prime, emphasized that 'this is a project designed to stand the test of time.' Filippo Buffa and Federico Rosales, directors of the company, noted the design's focus on a strong connection to its location.
The project has generated considerable interest among local business owners and residents. José Luís Teixeira, administrator of the neighboring Cisne shopping center, acknowledged the development as 'the natural evolution of things,' while noting the potential for future negotiations regarding adjacent properties. Sónia Cunha, manager of a long-standing local pastry shop, expressed hope that the new development will bring increased foot traffic and new customers to the area. The community's main focus is now on the potential for job creation and the transparent management of the project's impact on local commerce.
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