Monaco plans €1 billion territory expansion into the sea
by Sophia Heath
The tiny superyacht destination of Monaco is set to expand its territory by a further six-hectares in an ambitious plan which includes building a €1 billion platform into the sea.
At the moment Monaco consists of an area just more than 2km², of which nearly 100 acres have been recovered from the sea over the past few decades. The new plans will see Monaco reclaim another area of the sea and create a new “neighbourhood” of Monaco.
A concession deal with a consortium comprising of Bouygues, local real estate mogul J.B Pastor et fils and four architects has been agreed and the plans were presented to press in Monaco this morning (July 30). The project is due to launch in late 2016 and be completed by 2025.
Despite its diminutive size Monaco draws a host of the world’s largest yachts every summer and a statement released emphasised that the new coastline would “fit into the landscape and urban identity in the Principality”.
“The project will pay particular attention to the environment, particularly in respect of the marine environment,” the statement added. “The area will be eco-designed and will be subject to environmental certifications.”
The new area will include businesses, luxury villas, parking, and a park.The southwest area of the urbanisation has been allocated as a harbour. It is unclear at this stage as to whether it will be able to accommodate superyachts but the area will have a “ Mediterranean ambiance” as well as shops and a pedestrian walkway.