Last Thursday, 8 March, The Rio de Janeiro City Hall, the Porto Maravilha Real Estate Investment Fund (managed by the Brazilian Federal Savings Bank), Previ-Rio and Solace signed a  Statement of Commitment to Real Estate Development in the Olympic Port, a document which sets forth the preliminary guidelines for the construction and use of the buildings by the real estate market after the 2016 Olympic and Paralympic Games.

The total area occupied by the properties in the Porto Maravilha region aimed at the installation of equipment for the Games amounts to 850,000 square metres in potential for construction and will serve as media and referee villages, a convention centre and two hotels with 500 rooms each.

International Olympic Committee (IOC) Coordination Commission Chair Nawal El Moutawakel, IOC Olympic Games Executive Director Gilbert Felli, the president and the CEO of the Rio 2106™ Organising Committee for the Olympic and Paralympic Games, Carlos Arthur Nuzman and Leonardo Gryner, respectively, participated in the event.

“The Olympic Games represent an unprecedented revitalisation of the city. I am happy to see this legacy has materialised”, said Nuzman.

At the event, Nawal El Moutawakel highlighted the importance of continuous actions of the city hall for the Rio 2016™ Games.

“We hope to see in the next months the beginning of important actions like yesterday we saw the announcement of the project of the golf course and the opening of the Athletes’ Park, and, today, the assurance of this commitment to the 2016 Games. Let’s move on.”

As mayor Eduardo Paes announced the signing of the Statement of Commitment, he also announced that the Rio de Janeiro City Hall is offering municipal civil servants special lines of credit for the acquisition of property in the Olympic Port.

“The revitalisation of the Port of Rio is an old dream of this city and which is at last coming true with no public Money, through this important Public Private Partnership”.

The Port Region is going through a requalification process. All the buildings to be erected within the statutory limits of the Port Region are expected to follow sustainable principles. The use of solar panels, green or reflective roofing, use of rainwater, individual water measure systems, bicycle parking racks, pedestrian lanes and public meeting places are some of its new building parameters which can serve as a model for sustainable cities. The implementation of the Light Vehicle Railway (LVR), the first of this kind in Rio, will integrate the region to a variety of modals and will herald a new concept of public transport.

The Porto Maravilha Project is aimed at the complete regeneration of urban infrastructure, transport, environment, and the historic and cultural heritage of a five million square metre area comprising the districts of Gamboa, Saúde, Santo Cristo and part of Caju, Cidade Nova and São Cristóvão. The transaction represents Brazil’s largest Public Private Partnership (PPP) and will receive an R$ 8 billion investment in structural works and services for 15 years, with no outlays from the Rio de Janeiro City Hall.

The process for regeneration of the port region started in 2010. Since then, the region has been through interventions and has received new pavement, lighting and gas, telecommunications, underground water and basic sanitation network.

The Rio de Janeiro Port will also gain special projects which will not only serve these visitors but also current and future residents. The Museu do Amanhã (“Museum of Tomorrow”) and the Rio Art Museum (MAR), icons of the requalification, are already under construction at Praça Mauá.

Another major work in the region is the implementation of a new road system which is going to increase traffic capacity in the region by more than fifty percent.