Tishman Speyer President and Co-CEO Rob Speyer announced Friday that Port Maravilha will be the site of the company’s first residential development project in Rio de Janiero.
The multifamily property, which will be named Lumina Rio after Tishman Speyer’s Lumina residential development in San Francisco, will consist of four towers. The first tower, which will have 360 for-sale units, is expected to be completed two years after the city grants approvals for the venture.
“We have great confidence in the long-term vitality of Brazil as Latin America’s economic powerhouse,” Speyer said. “Likewise, Rio de Janeiro is one of the region’s greatest cities and we are pleased to help meet the market demand for high-quality, well-located housing with this project.”
Lumina Rio will not be Tishman Speyer’s first foray into Brazil’s real estate market. Tishman Speyer first established operations in Brazil in 1995 and has more than 20 projects in pre-development, construction or operation throughout the country. This includes Ventura Corporate Towers, a 1.1 million-square-foot office complex in Rio de Janiero and 8.6 million feet of residential and office development in Sao Paulo.