Created to be a tool for planning and development in São Paulo, Urban Operations are municipal public policies aimed at transforming specific regions. This initiative seeks to articulate public and private interests in carrying out large-scale urban interventions, aiming at the revitalization of degraded areas, improving infrastructure, and promoting economic and social development.

For the São Paulo City Hall, specifically, for the Urbanism and Licensing Department, or simply SP Urbanismo, currently led by Elisabete França, Urban Operations are designated for regions susceptible to urban, structural, social, and environmental transformations.

"From an urbanistic perspective, these are areas capable of urban and structural transformations, aiming for social improvements and environmental enhancement. Factors considered include real estate interest in investing in the region, the presence of vacant lots and properties suitable for transformation, and the capacity of infrastructure to support construction and population density, among other localized factors," they stated to REsource.

One of the most emblematic examples is the Água Branca Urban Operation. This operation transformed a former degraded industrial area into a new residential, commercial, and leisure hub, with the creation of parks, bike paths, social housing, and commercial ventures.

Each Urban Operation has a specific objective; for example, the Água Branca operation was aimed at housing development. There are also Urban Operations that focus on the commercial development of certain regions, such as those of Faria Lima and Água Espraiada.

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Perhaps the most famous one, the Faria Lima Urban Operation aimed to revitalize the region around Brigadeiro Faria Lima Avenue. Through Additional Construction Potential Certificates, popularly known as CEPACs, larger developments were allowed in the region.

Through this operation, improvements were made in road infrastructure, the creation of public spaces for social interaction, and the encouragement of high-standard commercial developments.

Five CEPAC distributions were conducted, raising over R$ 3.2 billion, according to the municipality's November 2023 report. According to the report, a total of 2.2 million square meters were made available through CEPACs on Faria Lima, of which only 1,076 square meters are still available.

"Indeed, the execution of infrastructure works, transformation of degraded areas, production of Social Interest Housing (HIS), and the implementation of squares and green areas always increase land value, boost tax revenue, intensify commerce, and the circulation of people. However, everything will depend on the objectives of the Urban Operation Contract (OUC)," states SP Urbanismo.

According to Market Analytics data, the Faria Lima region has 775,000 m² of Class A+, A, and B offices. Currently, the region has a vacancy rate of 10.6%, and it recently made headlines with the city's largest office transaction, when Itaú purchased its headquarters for R$ 1.5 billion.