By: Ismael Rodriguez
Cidade Matarazzo, a Brazilian mixed-use development in Sao Paulo, has received more capital for its expected completion in 2019.
Groupe Allard and a subsidiary of Chow Tai Fook Enterprises combined a hefty $94 million to complete the development, adding to an initial funding of $125 million for the project located in Sao Paulo’s Paulista Avenue corridor.
“The new cycle that is starting in Brazil is about quality. Sao Paulo is moving from manufacturing commodity to creative industry,” Alexandre Allard, president of Groupe Allard, told the press. “The investment in Ciudade Matarazzo occurs at the right moment to become a symbol of that enormous paradigm shift.”
Developed by Pritzker Prize-winning architect Jean Nouvel and French designer Phillipe Starck, the project’s features include 274 hotel rooms and a convention center with seven ballrooms, plus 34 restaurants, a 20,000-square-meter garden, retail stores and 1,500 parking spaces, according to the Real Deal.
“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, the Hong Kong conglomerate, told the press. “Alexandre Allard has assembled a team of the most creative people including Jean Nouvel and Phillipe Starck.”
If the project continues at this pace, Groupe Allard hopes Cidade Matarazzo will open to the public in July 2019.