Portugal invests 26.5 million euros for a mega urban transformation project to extend Lisbon

Portugal invests 26.5 million euros for a mega urban transformation project to extend Lisbon - Portugal Business News

Real Estate News Europe - Portugal is investing 26.5 million euros to launch a mega urban transformation project, the Parks of the Tagus Cities (Parques Cidades do Tejo), to extend Lisbon by 4,500 hectares, that equals 55 times the size of Lisbon’s Park of the Nations also known as Expo.

Lisbon’s new mega urban development, Parks of the Tagus Cities (Parques Cidades do Tejo), is a complete urban transformation project that includes several municipalities on both banks of the River Tagus. Lisbon’s future Airport is also included in the mega urban development project that will give rise to a new sustainable city that will rival modern capitals globally and will link Madrid with a new high-speed line.

The highlights of Lisbon’s new mega urban development, Parks of the Tagus Cities (Parques Cidades do Tejo), include:

1 – The future Airport City

2 - The Lisbon-Madrid High Speed ​​Line

3 - The future Opera house Ópera Tejo

4 - A new International Congress Centre

5 - The Third Tagus Crossing (TTT bridge)

6 - The underwater tunnel between Trafaria and Algés on both sides of the Tagus River

7 - 30 km of new Metro lines in Lisbon with 35 stations for sustainable mobility

8 - The extension of the Metro Sul do Tejo (South Tagus metro)

9 - New intermodal connections between main stations (LIOS Oriental and SATUO)

10 - Transtejo Soflusa for electric river transport on the Tagus river

Portugal’s overall investment in the sustainable transport and mobility sector for its new mega urban development, Parks of the Tagus Cities (Parques Cidades do Tejo), is estimated to be 9,886 million euros.

Lisbon’s new Parks of the Tagus Cities urban development will lead to the construction of more than 26,000 homes, leisure areas, research centers and cultural facilities, and will lead to the creation of 200,000 jobs.

The urban development of Lisbon’s Parks of the Tagus Cities (Parques Cidades do Tejo), includes:

1 - 1,100,000 m² allocated to public facilities;

2 - 2,500,000 m² for economic activities;

3 – The increase in the public transport quota from 24% to 35%;

4 – The requalification of public lands such as the old Margueira, Baía do Tejo and the Ocean Campus.

With this new mega urban transformation project to extend Lisbon, Portugal’s Government aims to create a new sustainable, cohesive and modern metropolitan axis, reinforcing the region's attractiveness and promoting access to housing, mobility and innovation.