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Monte Pedral project will count with an investment of more than 63 million euros

Monte Pedral project will count with an investment of more than 63 million euros
12 Jan 2021
Porto City Council estimates that the Monte Pedral project, for which the construction of about 330 affordable houses is planned, corresponds to an investment of more than 63 million euros. This amount is included in the subdivision operation for that land, for which the submission for public discussion was approved today by unanimous vote of the Municipal Executive.

"This land is the great opportunity for the creation of a new centrality in the city", pointed out the city councilor for Urbanism, Pedro Baganha, during this Monday's Executive meeting, in which the independent majority and opposition were in agreement regarding the relevance of this project to increase the offer of affordable housing in the city.

The planned investment is 63.2 million euros and will mostly be provided by private individuals, according to the model that the Porto City Council has established for the site, based on the Municipal Policy for the Promotion of Affordable Housing.

During the summary presentation of the project, the official recalled that the Monte Pedral land, returned to the municipal sphere more than a hundred years ago and "is located in the geometric center of the city", a few hundred meters from its mathematical nucleus.

As already announced, the proposed subdivision operation gives priority to housing, but is not limited to it. The idea was reinforced by the city councilor for Urbanism, who pointed out that Monte Pedral will be transformed into a "multifunctional center", where in addition to housing, most at affordable prices, there are also businesses, services (offices) and a student residence. Public spaces will be designed following a logic of set and articulation with private spaces, that is, allowing the existence of "garden spaces and a set of pedestrian circuits inside", clarified Pedro Baganha.

Of the 63.2 million euros that the Municipality estimates for the Monte Pedral project, the biggest share is assigned for housing, where an investment of 60.5 million euros is estimated, 2.5 million euros are allocated for urbanization works, and 200 thousand euros were allocated to projects and supervision.