Within an area of 1413 hectares, the operation aims at promoting a reorganization of the region by expanding Jornalista Roberto Marinho Avenue (former Água Espraiada), and connecting it with Imigrantes Highway, besides implementing several complementary improvements.
The Urban Operation area is divided in seven sub-sectors: Brooklyn, Berrini, Marginal Pinheiros, Chucri Zaidan, Jabaquara, Americanópolis and ZEIS. The last two sectors won't generate CEPAC as they are areas designated only to the construction of Social Interest Housing, to shelter families affected by the Urban Operation.Each of the other sectors has specific admittance conditions the Urban Operation requests.
The modifications that may be requested in these sub-sectors are:
" Increase Construction Potential up to the maximum limit established for each sector;
" Use Modification;
" Modification of other construction parameters, such as edification height.
The Intervention Program has the objective of complementing the road and transport system, taking in account the priority of collective public transport, drainage, supply of free public spaces with landscape treatment and the construction of Social Interest Housing for families affected by the operation.
Among the central road interventions we may point out the connection of Jornalista Roberto Marinho Avenue with Marginal Pinheiros and Imigrantes Highway, the construction of viaducts and footbridges and the extension of Chucri Zaidan Avenue. These interventions are financed by the negotiation of CEPAC* (Additional Construction Potential Certificates), auctioned publicly, and also by the city's budget.
Source: EMURB
* CEPAC - Additional Construction Potential Certificate
The CEPAC (Additional Construction Potential Certificate) are exchange papers issued by São Paulo City Hall, through EMURB (Municipal Urbanization Company), to be used as compensation payment for the Right of Additional Construction within one specific area of an Urban Operation. Each CEPAC has a determined value for each square meter. The purchase gives the constructor the right to build above zoning limits or else alterations of use and other legal parameters of use and soil occupation.
The CEPAC's issuances are regulated by determinations observed at Instruction 401 of CVM (Exchange and Securities Commission of Brazil), that rules the papers' issuance, the Urban Operations' follow up responsibilities, and the CEPAC rights' practice. The primary public auction of CEPAC is made through negotiation in the Organized Market Balcony of Bovespa. Once bought in the auction, CEPAC certificates may be freely negotiated in secondary markets until they are used by a lot within an Urban Operation.
São Paulo City Hall, through EMURB, which is the Coordinator of Urban Operations, will issue CEPAC to finance interventions foreseen by each Urban Operation. The interventions and their characteristics are established by the Administration Group of the Urban Operation.
The resources earned with the public auctionings of CEPAC are destined exclusively for interventions approved by the Administration Group. Caixa Econômica Federal is responsible for supervising all engaged resources and for overseeing all interventions, assuring the sufficiency and veracity of the City Hall's information to the market. Currently, the operations which already use the CEPAC are Urban Operation Faria Lima and Urban Operation Água Espraiada.