Aveiro Undergoes Real Estate Boom Based on Hopes for Urban Renewal

9 January 2019

Ribau Esteves stated his belief that investments by the city council in urban renewal are leading private investors to take a second look at potential investments in the city, particularly in hotels and retail.

The city’s mayor took advantage of the presentation of a preliminary study on the renewal of the Rossio area, which would create an underground parking facility, to highlight some of the projects under discussion at the city council.  He specifically referred to five-star hotels, of which there are still none in the city.

The expressions of interest by private investors, according to the politician, occurred after “comprehensive urban planning” by the city council, with a series of interventions in the urban area under the so-called PEDUCA package, which is part of an urban renewal program focused on Avenida Lourenço Peixinho, the city’s main artery.

“When we are working with investors, private companies, this matter is discussed,” Mayor Esteves explained in response to Manuel Oliveira de Sousa (Socialist Part), who criticised the lack of a “strategic framework” to coordinate the range of redevelopments to the public space.

Large store and a hotel in the former Bank of Portugal

“Within a few weeks,” the mayor announced, a well-known store will open on Avenida Lourenço Peixinho. He added that it is “one of the best stores of one of the most famous Portuguese brands in the world.”

“[The chain] isn’t going to open a store at the chosen site simply because they just enjoyed the idea of it, they were attracted by the [city’s] new dynamics,” due to the new construction, including pedestrian pathways between the former Bank of Portugal building and the old trading post building. “This is why it chose that site for one of its finest shops in the country and the world,” said the mayor.

Last year, in that same area of ​​the city, the Commercial Association of Aveiro (ACA) sold its headquarters to real estate investors.

Ribau Esteves said that there are “a dozen investment projects focused on the avenue, based on a revision of the PDM and our investments. We will finally have a modern and high-quality, high street.”

There are also plans by private investors to build five-star hotels. “The first” will begin construction within the next weeks, in the centre of the city. The site of the future hotel is the former Visconde de Valdemouro palace on Rua José Estêvão, which was once owned by the Diocese.

Two other investors are committed to projects for luxury hotels. Plans have already been announced to build a new hotel at the site of the former Bóia & Irmão factory. The mayor also stated that the former Bank of Portugal building, currently occupied by the Tax Authority, will also become the home to a new hotel.

“When investors begin looking at the city and talking to us about investments, they are following public investment. They look at these areas because it makes sense,” said Ribau Esteves.

Original Story: Notícias de Aveiro

Translation: Richard Turner

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