Capital, design talent advance São Paulo project
UPDATED April 12, 2:50 p.m.: The partners behind a Brazilian mixed-use development in São Paulo jointly invested more capital to finish building the project by 2019.
The development team includes Pritzker Prize-winning French architect Jean Nouvel and French designer Phillipe Starck.
Groupe Allard and a subsidiary of Chow Tai Fook Enterprises Ltd. agreed to make a combined capital investment of 295 million Brazilian reais, or about $93.6 million in U.S. currency, to complete construction of the development, called Cidade Matarazzo.he capital infusion follows the initial funding of 395 million reais (about $125.4 million) to develop Cidade Mattarazzo in São Paulo’s Paulista Avenue corridor.
“The new [real estate] cycle that is starting in Brazil is about quality. São Paulo is moving from manufacturing commodity to creative industry. The investment in Cidade Matarazzo occurs at the right moment to become a symbol of that enormous paradigm shift.” Alexandre Allard, president of Groupe Allard, said in a prepared statement.
The development’s multiple-use features include 274 hotel rooms and suites and a convention center with seven ballrooms, plus 34 restaurants, a 20,000-square-meter garden with 15 terraces, a campus for creative technological ventures, retail stores and 1,500 parking spaces. Douglas Elliman Real Estate is the exclusive marketing agent for the project.
“Brazil’s economy has undoubtedly started to rebound from … recession. We feel this is an opportune time for us to expand our commitment to the country,” Patrick Tsang of Chow Tai Fook Enterprises said in a prepared statement. “Alexandre Allard has assembled a team of the most creative people including Jean Nouvel and Phillipe Starck.”
Banco Votorantim, through its subsidiary Votorantim Asset Management (VAM), is participating in the financing of the project.
Groupe Allard expects that Cidade Matarazzo will open to the public in July 2019.