Background
Urban Fabric is a company founded by Catarina Lopes, who, until 2019, led EastBanc Portugal’s renewal of Lisbon’s historic neighborhood of Príncipe Real. By respecting its charisma and history and focusing on independent brands from local entrepreneurs, Príncipe Real defied the trend to standard high-street patterns and established itself as Lisbon’s destination for niche brands and contemporary bars & restaurants. Embaixada – Portuguese Concept Gallery and Real Fado were iconic projects launched by EastBanc Portugal, which helped establish the district’s trendy vibe. In 2018, Príncipe Real was elected the 5th coolest neighborhood in the world by TimeOut Guide.
Catarina Lopes started her career as a management consultant in Lisbon, worked in Private Equity in London and did M&A Advisory in Munich. She is an IST industrial engineer and holds an MBA with distinction from the Harvard Business School.
Catarina Lopes
Founder
+351 968 366 431
Case Study
Príncipe Real
The application of these four principles and the resulting community goodwill contributed to the sustained development of Príncipe Real.
Over 10 years, the neighborhood of Príncipe Real turned from a sleepy district with safety issues, into one of the coolest neighbourhoods in the world. EastBanc Portugal, acquired 50% of its prime street retail assets and was the engine behind its renaissance. Following the local economy, commercial rents grew at a compounded rate of 10% p.a., including over the economic recession of 2009 – 2014. Emblematic was the transformation of the 2,400 s.qm. Palacete Ribeiro da Cunha, which remained empty for decades, and today employs over 130 people at Embaixada.
This change was welcomed by the local business and residential community, who benefited from increased employment, safety and property appreciation.
There are four key reasons for the revitalization of Principe Real.
Firstly, EastBanc is a long-term investor and developer of quality real estate. As it focuses on the sustainable development of the neighbourhood rather than on speculative gains, Eastbanc’s interests are closely aligned with those of the local community.
Secondly, EastBanc developed a profound understanding of the local character before conceiving a development strategy. Known for its generous garden areas and aristocratic buildings, Príncipe Real was never pretentious, but rather inclusive with a fondness for eccentricity. It was a popular destination for a diverse set of urban crowds (although, before 2010, mostly nocturnal). Eastbanc’s strategy built on the area’s existing unique characteristics rather than assemble a standardized offering.
Thirdly, a competent, committed, energetic and autonomous local team was put in place. EastBanc’s informality (no titles, no personal assistants, easy contact by mobile phone, open-door policy, etc.), encouraged tenants, suppliers, neighbors and even citizens’ associations to voice concerns, make suggestions and agree on solutions. Proximity, empowerment and agility helped Eastbanc to easily adjust the strategy as the neighborhood evolved.
Finally, there was also an underlying respect for the local community, which helped anticipate potential issues. In collaboration with the Municipality, garbage collection facilities were installed in private areas to avoid cramming sidewalks with containers and bins. Many charming terraces were set up, but music was forbidden to avoid disturbing residents. Anti-graffiti paint was applied to buildings. Even though Príncipe Real started attracting many tourists, restaurants and retailers were chosen based on their appeal to locals first.
The application of these four principles and the resulting community goodwill contributed to the sustained development of Príncipe Real.