Lagos to benefit from a multi-million Euro investment
The Lagos Council has recently signed a rather wide-reaching protocol with the SONAE chain, with the aim of developing and fixing up various urban and patrimonial sites throughout Lagos. Julio Barroso, Lagos’ Mayor is indeed hopeful that this agreement will prove to bare fruits, saying that the agreement is indeed a bonus for the municipality, especially when you consider the current international, national and regional economic issues.
The agreement has sealed the group’s intentions of investing heavily in Lagos by establishing various operations which will be carried out in and around the city, all of which relevant to the city’s interests, one very important one being the definition of the project for the Crotalia Towers and the Baluarte land.
Mayor Barosso took the opportunity of the signing ceremony to further stress the economic problems that have affected the Algarve, saying that due to its development and revenue being dependent on the tourism and real estate spheres it’s been the most affected region. Pointing to the fact that over the past four years, the various Algarve municipalities have lost somewhere around 350 million Euro, and about ten percent of that would have belonged to Lagos.
The SONAE Group president, Belmiro de Azevedo has said that his company’s intentions are worthy, because they don’t “build sandcastles” – he has been visiting Lagos with his family for over fifty years.
The paperwork that the two parties have agreed on includes methods, deadlines and various urban parameters with which the projects will be carried out.
As mentioned earlier, one of the major projects that is meant to be featured as part of this agreement is the completion of the Crotalia Tower development, located near Ponta da Piedade.
The development of that project has been described by Mayor Barroso himself as ‘dragging on’ for several years, both sides of the negotiations seeing setbacks and advances, however all of that back and forth has now come to an end with a common view.
This deal won’t affect the Lagos rent a car industry in any direct way.
