Initially, the project included a hotel and an iteration of the SANA Group’s “gold class” congress centres. A residential tower had also been planned for a total investment of 30 million euros. However, the extended project was subsequently “amputated”, according to the mayor of Vila Nova de Gaia, Eduardo Vítor Rodrigues.
The mayor explained in statements to journalists after a virtual town hall meeting that “They had very high expectations [regarding the development], but had to redo the project as we objected to some details, but they are still interested. In fact, they committed themselves, regardless of the trends in the market and the pandemic, to move forward.”
According to Mayor Rodrigues, the group will be obliged to redevelop the surrounding block, and this is one of the reasons why the vice-president of the Gaia City Council, Patrocínio Azevedo, who is the deputy to the president for the area of urban planning and land policy, and urban licensing, offered a 100% exemption from municipal taxes.
Patrocínio Azevedo, the deputy mayor, said, “This is a process that has been going on for over five years, and they never gave up. It will generate more than 100 direct jobs, not to mention the indirect ones. It will be an emblematic building at a high level. The whole area will be redeveloped, and the hotel will be the lever for this development. I suggest a [tax reduction] of 100%.”
Eduardo Vítor Rodrigues also added that this “is a major, benchmark investment in Vila Nova de Gaia,” stating that exemptions for local accommodation projects have ranged from 50 to 75%. In comparison “mega projects of this magnitude that include employability can go up to 100%.”
Translation: Richard Turner
