In the colonial time, Itaipu had a strong economy, based on providing agricultural products to the city of Rio de Janeiro. Remains of that period are the church of São Sebastião de Itaipu and the convent of Santa Teresa (now, the Archeological Museum of Itaipu). But there was an economic decline and a consequent population decline. On the turn of the century 20 to the 21, Itaipu began to grow again, with the implantation of sewerage and the construction of many condominiums.
Today, the neighborhood has plenty of wild life, seafood restaurants, inns and historical sites.
Typical species are the Ipê, the Sagui and the Urubu.
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