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Three New Real Estate Projects approved in Monaco

Elected municipal authorities unanimously approved recently three major urban plans. The communal council authorized the state to build additional housing and the aesthetic plans of several real estate operations were validated. The government is now authorized to the to build new constructions in the tightly packed Principality.

The only subject that was mildly debated last Thursday concerned the architecture of the new buildings, which created some aesthetic divisions. Even so, the projects were all approved nonetheless.

The first real estate operation, at 2 boulevard de Belgique, is called Palais Honoria and will require the demolition of Palais Honoria buildings and Villa Le Mas. In addition to the 65 apartments, a nursery and two commercial premises will be built. The project will begin in early 2020 and cost 61.5 million euros.

Another project validated by the communal council was the demolition of the Villa Carmelha building. Located at 12, Avenue Saint-Roman, a ten-storey building with twenty-five homes will be constructed. No planned parking spaces, but an underground connection to the Testimonio II parking lots will be created.

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The project, costing a whopping 24.4 million euros, will begin in June 2020. The building will be entirely made out of wood. This special feature, among others, will allow it to claim the gold rank ‘Mediterranean Sustainable Buildings of Monaco’.

The third and final project which was approved was the Testimonio. This project includes the construction of the Testimonio II Bis with 155 dwellings, the elevation of the five-storey Testimonio II tower with 30 additional dwellings for a total of 181 apartments and the elevation of the private building, located partially in the basement, to create five independent villas on three levels with a total of over 1,000 new parking spaces.

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