The Flamengo football club is taking steps to acquire the land for their future stadium, which currently belongs to an investment fund managed by Caixa Econômica Federal. The bank has not disclosed the expected value of the land to Flamengo yet, but negotiations are ongoing. The club believes that the Rio de Janeiro City Hall will support them in facilitating the transaction.
Flamengo is interested in 104,000 square meters of the Gasômetro land, with 87,000 square meters intended for the stadium and an additional 17,000 square meters for a parking lot. The estimated cost of the acquisition is around R$250 million. However, Caixa has indicated that due to the construction of Terminal Gentileza, the land’s value has increased to a minimum of R$400 million.
The city government views the stadium construction in the Port Area positively as it would contribute to the area’s revitalization. Mayor Eduardo Paes mentioned the possibility of expropriating the land if Caixa hinders the sale to Flamengo. The expropriation of private land by the Executive Branch is allowed under certain legal requirements, including public interest and fair compensation.
Flamengo may also utilize the building potential of Gávea to reduce the land acquisition costs. The transfer of building rights allows property owners to use their building potential on another lot, sell it to another owner, or donate it to the government.
The club envisions a stadium for 80,000 people with a more vertical construction, similar to Real Madrid’s Santiago Bernabéu. Additionally, there are plans for a popular sector reminiscent of the old Maracanã, along with revitalizing the surrounding area with bars, restaurants, and big screens for fans to enjoy games nearby.
Flamengo anticipates investing between R$1.5 and R$2 billion in the stadium project, including the land purchase, with naming rights sales as a significant revenue source. The club aims to avoid debt and maintain competitiveness, following the model of Bayern Munich in Germany.
While pursuing its stadium dream, Flamengo, alongside Fluminense, won the bid for managing the Maracanã Complex, which includes the stadium and Maracanãzinho for the next 20 years. The club foresees at least six years of construction before the stadium’s inauguration and sees controlling the Maracanã as essential during this period.
Caixa Econômica Federal, the manager of the Porto Maravilha Real Estate Investment Fund, aims to develop projects leveraging the region’s building potential. The bank is open to negotiations but refrains from commenting on ongoing discussions.