Israeli developer Fortera Group has kicked off the first phase of construction of the Alice Riverside project in Portugal, for a total investment of €110 mln.
Located on the banks of the Douro River in Vila Nova de Gaia, the first phase of the project, budgeted at €40 mln, will consist of two buildings, each with six floors, for a total of 122 apartments ranging from one to five bedrooms.
The first phase should be completed within two years and the entire project, which also includes a commercial area, will be completed by 2026.
By then, the new Porto Metro line, the Rubi, which will pass right next to the condominium, should be operational.
Elad Dror, CEO of the company, said: ‘We wanted to implement in Portugal our innovative concept Alive by Fortera, and now we take the first step to make this vision a reality. The adhesion to this new concept shows us that people needed a new way of living, with more proximity and conviviality.’
Fortera Group will introduce new services and amenities in its buildings as well as an app to facilitate the management of activities in the condominium, from shared services to recreational activities.