Pursuits
King of Georgetown Revamps Lisbon Palaces Eyeing End of Slump
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Anthony Lanier, the Washington developer who transformed a Georgetown alleyway into a European-style strip of trendy shops and cafes, now wants to replicate the project’s success in Lisbon. That may be a bigger challenge.
Lanier’s Eastbanc Inc. plans to spend 50 million euros ($69 million) renovating 17 buildings, including four 19th-century palaces, in Lisbon’s Principe Real quarter. Eastbanc already paid 50 million euros to buy the properties, which are set to be re-made into a hotel, luxury-apartment blocks, shops and cafes. With Portuguese real estate showing signs of a recovery after a six-year slump, the project has been on a slow road to fruition.