€170M INVESTMENT CONVERTS WHARF INTO A SCIENCE AND TOURISM COMPLEX

8 June 2017 – Vida Imobiliária

The urban renewal development, with a marina and hotels, and a maritime research center, is the basis of the Municipality of Faro’s proposal for the redevelopment of ​​the commercial wharf.

The Farformosa project represents an investment of around 170 million euros, where works will extend over 18 hectares, with the prospect of creating 1500 direct jobs.

A new Research Center with capacity for 300 researchers is planned, which will also have Congress Center that will can host up to 1200 people in the main auditorium.

A marine biology business incubator and a development center of the University of Algarve will also be created.

In parallel, residential, hotel and commercial offerings will also be widely developed. The creation of three new hotel units, an area for assisted senior residences and several areas of commerce, services and catering are expected.

The project also includes the construction of a marina with 400 berths. In the immediate vicinity, there will be a sailing school and a shipyard for naval repairs.

Original Story: Vida Imobiliária / Fernanda Cerqueira

Translation: Richard Turner