The landscape of the Principality of Monaco is evolving gradually with the work of the offshore extension in Monaco, at Anse du Portier. Soon, all 18 concrete caissons will be in place. A feat, given the size of these imposing behemoths, brought from Marseille by the sea in three days and each weighing 10,000 tons upon arrival in Monaco and 22,000 tons once ballasted ...
It will still be necessary to be patient before strolling in the future eco-district of 6 hectares: the delivery is expected for 2025. By then, it will be necessary that the caissons constitute a dyke of protection, with 9m above the level of the sea. Once the water is removed by replacing it with sand, the artificial soil can be laid and the construction of the buildings and villas can begin.
60,000 m2 of very luxurious, energy-efficient private homes will be created, associated with shops, an extension of the Grimaldi Forum, a landscaped park and a small marina.
Financing the offshore extension in Monaco
Initiated by H.S.H. the Sovereign Prince, the project was the subject of an international call for applications in 2013, in order to identify an actor able to manage the whole project, to finance it and to valorize the project through the sale of real estate surfaces built. In 2015, a concession was awarded to the Société Anonyme Monégasque Anse du Portier, a partner of Bouygues Travaux Publics. SAM Anse du Portier gathers mainly local shareholders, several well-known families in Monaco (Families Pastor, Brianti, Casiraghi, Lopez de la Osa) for two thirds of the capital, some international investors close to the Principality, and Bouygues for 10%.
These actors commit themselves to finance and carry out the extension at sea. The total investment (including the money paid back to the State of Monaco) should be around € 3bn. Given the location of the villas and buildings, directly on the seafront, and the level of luxury of construction, the square meters built could be negotiated around 100 000 €. The profitability outlook is therefore attractive for the group of investors, but associated with significant risk taking, given the possible vagaries of such a project and the rather distant horizon of realization of the project. What are the advantages for the Monegasque State?
What are the advantages for the State of Monaco?
The State of Monaco will receive a € 400m payment from the developers and will obviously collect the tax revenue and registration fees generated by future transactions, which are estimated at € 750M.
The State will also eventually recover the public infrastructures built, including: the storm basin for storing rainwater, a garden of one hectare, the pedestrian walk by the sea, the extension of the Grimaldi Forum, the port with 30 rings, a parking with 160 places.
These modern infrastructures and the luxurious real estate offer generated by the project will contribute to strengthening the Principality's competitive position vis-à-vis competing destinations.
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May: an international call for tenders for the project is announced.
Throughout the year: impact study carried out in order to assess the environmental challenges and constraints of the site and to integrate them into the design and implementation methods of the project.
July: The concession is obtained, this new project will be realized.
August: Beginning of the construction preparation phase and measures taken to protect local animal and plant species: installation of buoys to monitor water turbidity and displacement of Pinna Nobilis (a protected species) in the marine reserve of Larvotto.
February: a noise reduction wall of 5 x 500 meter is installed on the Promenade des Champions, near the Japanese Garden.
April: beginning of works at sea, dredging and removal of rocks.
December: Arrival of the boat Simon Stevin for the laying of the foundation backfill, Simon Stevin is the largest underwater rock installation vessel in the world.
First quarter: placement of underwater foundations
July: Arrival of the first concrete block from Marseille, start of the construction of the protective belt between the new district of Monaco and the waves of the sea.
July: The protective belt of concrete blocks is completed.
December: The belt is filled with gravel and the creation of the Anse du Portier territory is completed.
Second Semester: the second phase of the project begins. This is the start of construction of the eco-district. This phase will include the construction of buildings, villas, a marina and a landscaped garden.
End of the construction: residential and commercial buildings will be completed.
End of works: the marina and the extension of the Grimaldi Forum will be completed.
Key characteristics of the offshore extension in Monaco
The extension project is marked by the desire to limit environmental impacts.
The shape of the extension respects the flow of the Ligurian current along the Principality. 518 m2 of Posidonia, 143 Large Nacre and 8 riprap blocks colonized by Lithophyllum Bissoid have been relocated.
The significant use of renewable energies is another important asset of the project. Photovoltaic panels on buildings and the Grimaldi Forum will generate 40% of conventional energy needs. A thermal loop will provide 80% of thermal comfort. The roofs will be able to collect rainwater to water the Mediterranean plants that consume little water ...
The architects Renzo Piano, Alexandre Giraldi, Denis Valode and Michel Desvigne have designed an airy and refined architecture, in harmony with the Mediterranean.
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