Grandavenue is building “Efanor Gardens”, a mega project that will include 400 apartments, a senior residence, a university, a hotel and a business center.
In Matosinhos the first city within a city will be born. It seems confusing, but when the project is completed it will be easier to see. This is because Grandavenue will invest 250 million euros until 2025 in “Jardins Efanor”, a mega project with 120,000 square meters that will include services, commerce, hotel and residential area. And half of the apartments are already booked.
In 2017, Grandavenue bought this 104,000 square meter plot from Sonae Capital, and at the time paid 30 million euros for the most valuable assets in the company’s real estate portfolio. But, as Expresso (paid access) has advanced, the total investment will be much higher. The idea is to build the first edge city in the country and the location chosen was Matosinhos.
The project is already in pre-sale and will be 60% residential, in a total of 400 apartments. By the end of the first quarter of 2020 more than 60 apartments will be available, 3 and 4 bedrooms, 50% of which are already booked, Grandavenue said in a statement.
In addition, 40% will be services: NorteShopping shopping centre, Continente supermarket and Efanor school will be joined by a senior residence, a student residence, a hotel and a business centre (which is already active).
“This is our biggest real estate project in which we will respect all the legacy left by the Azevedo family, through its Foundation [the project had already been thought by Belmiro de Azevedo]. We want Jardins Efanor to be a coliving and coworking space with a superior quality of life”, says Pedro Rolo, CEO of Invest&Co, the company that will be responsible for the project.
“With about 50,000 square meters of green area, they follow the new trends of urbanism, as a privileged area based on the concepts of mobility and sustainability,” he says.