Despite it being a time-consuming and costly process, the CTI states that after the deactivation process of the airport is completed, the location in which it currently stands, could potentially make way for a new, greener urban area.
In accordance with the report, cited by Público, houses (more than two thousand apartments) could be built in the 700,000 square meters of space, as well as offices, shops, tourist accommodations, a hotel and a shopping center.
This possibility, in which the commission carried out an economic-financial and cost-benefit analysis, shows profitability and allows the exploration of the land after the deactivation of the airport.
There are three hypotheses to be studied: the full renaturing of the land (all 477 hectares converted into a green area), the exclusive monetisation the area currently built on (7 percent of the total land) and the monetisation of a buildable area of 14.7 percent.
The later possibility would be the most profitable, states the CTI, by pointing out an overall cost of €342 million for the renaturing of the land, and a return of €510 million (net) with real estate operations and by reusing the land, which could cause a positive financial impact amounting to around €168 million.
With this option, the CTI takes into account that “risks associated with an operation of this magnitude, could result in deviations, especially in decontamination costs.”
This option would convert 407 hectares into green areas and more than 700 square meters would become an urban area, with a division proposal for the space: more than half for offices (55.5 percent), 39 percent for housing, 4.5 percent for a shopping center and 1 percent for hotels.