Riva has signed a contract to develop the first projects in Outeiro, the new planned neighborhood to be built by Carvalho Hosken in Barra Olímpica, the southwestern region of Rio. This first phase’s public sales value (PSV) will amount to at least R$1.5 billion and represents a turning point in the Rio market for the middle-class focused developer of the Direcional group from Minas Gerais, which is valued at about R$10 billion on the stock exchange.
The Morro do Outeiro land is located near the Riocentro, at the intersection between Avenida Salvador Allende and the Olympic Park, and has been on Carvalho Hosken’s “Earth Bank” for about four decades. The 1.5 million square meter area was scheduled to host the Olympic Media Village, which ended up being redistributed to other areas of the city. In 2007, it hosted mountain bike and BMX cycling races. Today, except for the water pump, there is nothing on the ground.
— We have been looking for a partner to develop Outeiro for a long time and found it at the perfect time, as it will be anchored by the neighboring Imagine Project. The advantage of the area is that it is already well served by transit, BRT, and infrastructure, says Carlos Felipe de Carvalho, CEO of Carvalho Hoskin.
Riva will be responsible for developments in the first phase of Outeiro, which covers the Salvador Allende area and extends to Estrada Santa Maura, near Estrada dos Bandeirantes, close to Estúdios Globo (formerly Projac).
The association between Riva and Carvalho Hosken will be submitted to the Administrative Council for Economic Defense (Cade) and to the City Council for approval. The launch is scheduled to take place in 2027, with delivery in 2030.
Riva was created in 2020 by Direcional – which focuses on the Minha Casa and Minha Vida segment – to target high-income customers. The developer is concentrated in the São Paulo and Rio markets, and in the first nine months of the year, it launched R$2.2 billion in PSV.
– We will end 2025 with launches worth R$ 600 million in Rio, but we were looking for a project of Otero dimensions. It is in line with our strategy to accelerate the focus on Pará, where Rio “speaks” in real estate terms – explains Eduardo Quintilla, Development and Commercial Director at Riva.
Outeiro is one of a series of planned neighborhoods developed by Carvalho Hosken in the area, such as Rio 2, Península and Cidade Jardim. The new project arrives after the company managed to offload the biggest weight on its balance sheet: Ilha Pura, which was sold to BTG in one of the largest real estate transactions (in terms of unit volume) ever carried out in Brazil. Created as an athletes’ village for the 2016 Games, Ilha Bora has struggled to attract buyers for years.
The first phase of Outeiro will occupy only 20% of Carvalho Hosken’s land. The following stages will not necessarily be integrated by RIVA.
– It is a very long-term project. Rio 2 took 30 years to develop. But we are betting on household demand for planned neighborhoods, with greater infrastructure and security – concludes Carvalho.