Almada is fixed to become the site of a new €800 million project called the Innovation District, according to Idealista. Private investors will channel capital into a delineated zone that contains Monte da Caparica and the area surrounding Porto Brandão.
The development project is expected to create 17,000 new jobs in the region, attract 4,500 new residents to the area, and foresees the construction of 1,000 new dwellings. Additionally, investment will be directed towards the construction of 250,000 square meters (m²) for the implementation of new economic activities and 86,000 m² for tourism infrastructures, the news outlet reports.
The project is a proposal by NOVA University Lisbon and “involves a group of property owners and investors and has the strategic support of the Municipality of Almada,” NOVA announced in a public statement on Tuesday.
In the same communication, the university said the project aimed to “create a new global city in Almada, that will combine a unique and sustainable lifestyle in a new geography of innovation and technological knowledge.”
The project will encompass a total area of 399 hectares, of which 110 hectares will be green areas.
Almada’s city council announced that “Almada Innovation District is a defining project for the affirmation of Almada as a center of innovation and the creation of innovative sustainability solutions, while also assuming the role of representing Portugal at an international level.”