INSULAR QUARTER WITH ‘GREEN LIGHT’

Tobi Hughes·
Madeira News

The Funchal City Council (CMF) today approves the rehabilitation of the Insular quarter. It is the favorable opinion of Culture and allows the project ‘Savoy Residence Insular’ to start.

The 60 million euro investment by Savoy, an AFA Group company, includes 47 luxury apartments and commercial stores. The intervention was authorised today at the weekly meeting of the local authority that considers the urban operation as relevant to the local economy.

It was almost two years ago when this building caught fire in downtown Funchal.

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Tobi Hughes

10 Responses

    1. You read my mind, Maurice. And surprise surprise it’s the Savoy group…a new hotel or will it be a carbuncle?

  2. I admit that patch of Funchal is mega scruffy and needs a clean up but why not apartments?

  4. I suppose it is better than knocking it down but why not just build apartments for the local people?

    1. Yes 47 luxury apartments but whether they are intended to be residential, ALs or a mix we will have to wait and see.

  6. Something had to be done with it and you could argue that for once its a spread of risk and exposure, apartments,commercial and hotel ( the name implies what they do!!!) And someone had to have the financial clout of 60 million euros!!!! Look at the positives, work for locals building it, work for locals when built, pull of people into this run down area, something positive for a building stood empty for how long? ( as if we don’t have enough) income for municipality when finished, income for supply chain, and I’m sure a few POSITIVES i’ve missed, restricting development isn’t the answer to supply and demand, being better than your competitor is answer to driving up quality of supply. I’m appauled at some of the ways businesses treat customers and have quite some experience of it over some time, even now in this economic mess, there is an approach of complacency.
    This development will be a few years in the making, they won’t want an empty building, they are investing 60 million in Madeira, they will have done their research, their job is not to protect the interests of their competitors, in fact its the opposite.
    Finally where would the money come from for any other type of development, ( social housing!!!)
    The government some time back suggested taking over lots of small derelict properties but hasn’t got the money for it. Why not take them over and allow bids for them, get some income and uplift in asphetics of the area, and plough gains back into providing social housing by municipalities upgrading a percentage of the derelict properties for low cost rental.
    Just thoughts from someone who has experience of thinking outside the box and generating alignment of ideas on such things.

  7. I note the chimney that I said was a reinforced concrete one and would require taking down by hand is now 50% demolished by hand, using jack hammers and accessed from a suspended box hanging from the jib of a crane. So chimney will be no more within another two weeks.

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