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.”