RioÆs new port an important lure

Sport Business News

Plans for a massive redevelopment of Rio's central port region should provide a range of opportunities for overseas expertise and investment.

Driven by the Rio city council, the 'Porto Maravilha' project involves a wide range of works in a 3km x 1km slice of rundown waterfront just a few kilometres from the CBD (see image below). Among other things, the area will be home to two new residential developments, a commercial hub with towers of up to 50 stories, a tourism and entertainment quadrant featuring a new aquarium, the international media facilities for the 2016 Olympics, and new government buildings including the reserve bank headquarters and a federal police facility. Beyond the potential opportunities stemming from obvious parallels with Sydney's Darling Harbour/Cockle Bay and Melbourne's Docklands redevelopments, the Rio project also provides attractive investment potential and the city council is already spruiking the benefits to international groups. At an infrastructure conference at Rio's Sheraton hotel in late June 2010, Rio's chief counsellor on economic matters, Felipe Gães, whose role since 2008 has been to develop Rio's potential as an international business and investment destination, explained that the Porto Maravilha project is already up and running, with the two phase redevelopment process to take another five to six years, running right up to the 2016 Olympics. Phase 1, which involves the bulk of public remediation and infrastructure works to the area, will run until mid 2012, with the private investment driven Phase 2 to run up until 2016. With most of the land in the area currently owned by the government, the sale of selected parcels through an auction process will help pay for the infrastructure works, with significant property, transaction and services tax exemptions of up to 10 years being offered to incentivise investors up until the end of 2012. Key aims for the project include to ensure a lasting legacy from the 2016 Games, to balance the city's real estate market between the currently booming Barra region in the south west and the long–neglected CBD and surrounds, to reduce urban infrastructure costs for the city given the port region already features many of the basic requirements, and, for the Olympics, to provide a spectacular setting for the world's media during the two week period. About Simon TarmoA journalist from Sydney, Australia, and co–founder of industry journal Australian Sponsorship News, Simon Tarmo now lives in Belo Horizonte, Brazil. Having worked on a range of writing, research and trade projects across a number of industries including sport, entertainment and wine, he is currently focusing on business opportunities involving the 2014 World Cup and Rio 2016 in Brazil. With fluent Portuguese language skills, he has an extensive network of contacts throughout Brazil and can advise and assist foreign groups doing business in the country. More details http://simontarmo. blogspot. com/ ~ Simon Tarmo+55 31 9196 0069simon@pando. com. auhttp://simontarmo. blogspot. com/

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