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Algarve: Ferragudo Marina becomes a reality

Date: 1/10/2008

The first phase should be complete within 12 months. Minister for Economy Manuel Pinho visited the site this week to learn more about the project. According to Eurico Correia, administrator of the project's promoters Marinas do Barlavento, it will "take over an area that shows visible signs of degradation, a true garbage dump, and will be totally revamped, becoming an area of great interest for the Algarve and for the country, as well as creating three to four hundred jobs".

Pereira Coutinho, the project's main financer, was greatly complimented by Minister Pinho, who said "I congratulate you and wish the best of luck to all those who invested in one of the county's most dynamic areas, an effort involving private financers, authorities, and the Government".

Ferragudo Marina will be built on an 18-hectar area, five of which cover water, having a capacity for 319 boats. The project includes 51 houses, 128 apartments, a five-star hotel and a shopping area".

Marinas do Barlavento suffered a blow to the project when they had to move their townhouses back 50 metres from the water front, and when eight of the houses had to be dropped, meaning a heavy loss of revenue from one of the projects most valuable aspects. Source: The Portugal News

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