Reasons given for choosing Betim by the company include trained, ready workers, high income among area residents and ability to find large tracts of land.
"Let's make something new in Betim," said an excited Rafael Menin, CEO of the Minas based company.
The investment will be divided between two projects. One plan is the construction of 8 apartment buildings with nearly 4,000 units. The construction is expected to take five years and cover an area of 642.44 thousand square meters.
"This will be a new neighborhood with sensational urbanization. It will have a cooper boulevard, 500 imperial palm trees and a marvelous park. It will be a place for a community."
Most apartments will have two bedrooms. They will also be part of the government housing project, Minha Casa, Minha Vida. These apartments are scheduled to be ready by the end of 2017. The average price of the units is expected to be R$160,000 with total sales of R$700 million.
"The boulevard is expected to be ready in November where we are investing almost R$40 million," said Menin. The boulevard called, Boulevard das Cachoeiras (Boulevard of Waterfalls), is a 2.2 km roadway that will connect the construction to the highway BR-262 as well as a park and cultural square in Betim.
The second plan of the investment includes the construction of a new industrial park, the Industrial Park of Betim (PIB). The R$500 million investment will cover an area of 6 million square meters and will be constructed by Log Commercial Properties. Log is the logistical arm of MRV.
"It will be the largest, private industrial park in Minas Gerais," stated Menin. The CEO claims the park has the potential of generated 66,000 jobs directly and indirectly once companies are installed.
MRV's construction plans for the eight apartment buildings are expected to create 1,360 direct jobs and 4,000 indirect jobs.
MRV is a publicly traded company on Brazil's stock exchange, Bovespa. MRV is present in 142 Brazilian cities with 240 construction sites.
Read more from O Tempo (in Portuguese) MRV Invests 1 Billion
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