Once the permits are issued, 36 plots will be developed to accommodate new homes, tourist apartments, shops and hotels.
Construction is due to start next month and should be finished within eight months.
Completion of phase two of the award-winning Marina will see the original urban plan, outlined in 2007, fulfilled.
This new phase is projected to be less dense in terms of construction and have more green spaces, as well as a waterfall and an artificial lake to complement the Marina itself. Investment for phase two is said to be in the region of €5 million
However, some local residents have been quick to pan the plans, arguing the Marina as it stands at present “looks like a ghost town from Jamaica”.
In comments to newspaper Correio da Manhã, company administrator João Amaral said the expansion will “allow greater movement to the Marina, by opening up new commercial establishments and hotels, as well as benefitting its image.”