New Urban Plan for Stagnant Amoreiras Plot Under Municipal Review
The Lisbon City Council is formally evaluating a new development proposal for a large, undeveloped plot in the Amoreiras district, a site that has been stagnant for two decades following the collapse of Banco Espírito Santo (BES). The property, owned by Novo Banco, was the subject of a public statement by Mayor Carlos Moedas, who emphasized his commitment to resolving the state of 'abandonment' of one of the capital's most visible urban voids. Municipal sources have confirmed that technical analyses are underway to determine the future use of the land located on Artilharia 1.
The property's history is rooted in the financial turmoil of the last decade. It was originally part of the assets of BES, which had extended a significant loan that ultimately defaulted, leading to the bank's acquisition of the land. Plans to construct a landmark headquarters for the bank were discussed but never materialized, and the plot has remained undeveloped since. The new proposal, submitted by a fund associated with Novo Banco, reportedly re-envisions the entire project. According to a statement from the mayor's office, the plan 'revises the previously approved urban design and occupation, resulting in, notably, a large expansion of green and permeable areas and a decrease in the number of underground parking levels'.
This new vision suggests a departure from a purely commercial or corporate focus, potentially incorporating residential and public spaces that align with the municipality's current goals for sustainable urban development. The reduction in parking and increase in green space reflect a modern approach to city planning, prioritizing pedestrian access and environmental quality over car-centric design. The project's specifications and scope are now under intense scrutiny by the city's urban planning departments, which will assess its feasibility and alignment with the Plano Diretor Municipal (PDM), Lisbon's master plan.
The site's strategic location, adjacent to the Amoreiras shopping center and a key financial district, makes its development a matter of significant public and private interest. For over twenty years, various solutions have been debated without success, leaving a scar in a prime area of the city. The current administration's proactive stance is seen by market observers as a critical step toward finally breaking the deadlock. The successful development of the plot could introduce hundreds of thousands of square meters of new construction, potentially including luxury residences, modern office spaces, and retail outlets, significantly impacting property values in the surrounding area.
The financial arrangements and investment partnerships for the proposed project have not been made public, but the involvement of a Novo Banco-related fund indicates a structured financial backing. Regulatory approvals and planning permissions will be the next major hurdles should the initial technical review prove favorable. The process will likely involve public consultation phases, allowing community input on a project that will reshape a prominent part of the city's landscape. The emphasis on green spaces could help garner public support for a project that has been stalled for so long.
The architectural design and building features will be central to the final approval, with the municipality expected to demand a high-quality design that integrates seamlessly into the existing urban environment. The project represents a major opportunity for construction firms and developers, and its progress will be closely monitored by the entire real estate sector. Monitor new development opportunities and gain insights into Lisbon's evolving urban landscape at realestate-lisbon.com.
