RIO DE JANEIRO—Even as economists have revised their 2015-2016 outlook for Brazil downward in recent weeks, Tishman Speyer remains bullish on the country's long-term prospects. The owner/developer said Friday afternoon it planned to build an apartment complex in Rio de Janiero, its first residential development in Brazil's second-largest city.

To be named Lumina Rio, the project is planned for the city's Porto Maravilha redevelopment district. Tishman Speyer plans to eventually build four towers at the site; the first, with 360 for-sale residential units, is expected to be delivered within two years after approvals are granted for the project.

“We have great confidence in the long-term vitality of Brazil as Latin America's economic powerhouse,” says Rob Speyer, president and co-CEO of Tishman Speyer. “Likewise, Rio de Janeiro is one of the region's greatest cities and we are pleased to help meet the market demand for high-quality, well-located housing with this project.”

Adds Daniel Cherman, Tishman Speyer senior managing director and country head for Brazil, “This project shows a reinforcement of our commitment to Porto Maravilla, the scene of Brazil's most ambitious urban project. With the support of the area infrastructure now in process, we see the dynamic mix of commercial, residential and hotel development activity bringing the area to new life.”

Although Lumina Rio—named after the Lumina residential development now under construction in San Francisco—may be Tishman Speyer's first foray into residential development in this city, the company is no stranger either to Rio or to Brazil generally, having established Brazilian operations in 1995. Among the global firm's signature projects is Ventura Corporate Towers, a two-tower, 1.1-million-square-foot office complex in Rio.

In all, Tishman Speyer has more than 20 Brazilian projects in pre-development, construction or operation. That tally includes 8.6 million square feet of development, including multifamily, in Sao Paulo, Brazil's largest city.