Bulgarian real estate developer MRP International is leading a consortium that plans to develop Rio Towers – six fifty-story waterfront office buildings in Rio’s central port district, according to The Wall Street Journal. The project will add 3.47 million square feet of office space to Rio’s downtown which currently has a vacancy rate of 1.6 percent. The final value of the towers can be as high as $2.5 billion.

The consortium, which also includes the Trump Organization, is expected to complete the project by the 2016 Olympic Games. Rio Towers is part of a larger initiative known as Porto Maravilha which is led by the Rio municipal government. The initiative’s aim is to revitalize the city’s port district.
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Last Updated on July 29, 2012 by Ramin Seddiq