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March 10, 2023. Saratoga Capital is pleased to offer Residência de Estudantes, Covilhã – an architectural project for the conversion of an early 20th century industrial site located at R. Afonso Domingues 7, which was once the main wool factory of the firm Clemente Petrucci & Irmão.
The site dates back to the 1920s when Covilhã was known as the principal textile manufacturing district for Portugal. The project entails a mixed use 85-unit student residence with an adjacent AirBnB, roof-top bistro, conference center and cultural museum spread over multiple buildings, all of which is designed to serve the student housing needs of the University of Beira Interior.
The project qualifies as a compliant investment under the existing Portuguese Golden Visa Program (designed to meet the anticipated 2023 changes) with such sales capped at 25% of available units. Weekly updates to the project can be found here.
Residência de Estudantes, Covilhã is designed to retain building characters, which are enhanced through the use of modern materials, creating a unique space for the aspiring student. “Saratoga’s development strategy in Covilhã is to acquire large industrial buildings of character with large footprints that can be re-conceptualized and augmented with a modern twist,” says Rene Cürten, Project Director. “Residência de Estudantes, Covilhã has the potential to become a seminal development for the city.”
The industrial site lies well placed between campus 1 and campus 4 of the University of Beira Interior, with excellent connectivity. Student accommodation in Covilhã is exceedingly limited, and the development project will cover no more than 1% of rental market need, thus ensuring continued viability for years to come.
To register your interest and request a brochure, please send an email to: [email protected].
Steven M. Pepa, Director → bio
Filipe Francisco, Chief Architect, → bio
Rene Cürten, Project Director → bio
