Prince Rainier III deserves his reputation of "Building Prince". From the early 1950s, he enlarged the territory of Monaco by 1/5. Specifically, an operation in 1965 between the "Rocher" and “Cap d'Ail” that gave an additional 220,000 m2 of ground on the sea to give birth to Fontvieille, economic lung of Monaco.

Nevertheless, the popularity of this tiny country is such that, in 2004, it showed the highest population density on the planet. For the last few years, Monaco has been developing vertically. Thus, it is by concern to increase its long term economic radiance, to improve Monaco inhabitants' lifestyle, to offer new corporate and residential capabilities, to increase port power to adapt to large ships that SAS Prince Albert II launched an international invitation last July 21st to carry through this very ambitious project that will allow Monaco to gain over ten hectares on the sea. This new town planning will be located in Monaco "Le Portier", at the bottom of the casino in Monte Carlo. The cost of this project is estimated between 5 and 10 billions euros, ground breaking is scheduled for the end of 2007 – early 2008 and buildings should be ready to open by 2014. In other words, tomorrow.

100,000 m2 of housing

At the end of December 2006, 4 possible candidates have been authorised to compete: 2 local companies, Vinci and an investor from Qatar. They have to respond before autumn. And to expect participating in a project of this magnitude, it would be necessary to consider the imposed environmental requirements. It is out of the question to use the same process used for the creation of Fontvieille. Instead of the embankment method, it would be preferred to build an artificial ground that would preserve the Larvotto area and the coralligenous fall. 55% of this extension will stay unbuilt. Approximately 250,000 m2 will be assigned to top-of-the-range and private residential buildings. 40% of the surface (minimum) will be held by active residents quarters. 10% of this under-surface will be reserved for public services for Monaco residents. 6,500 m2 will be reserved for residents' service equipment (day-care, school, post-office, police station, emergency centre). The very high standard for tourism equipment and the service sector will also have their site (each for 10% of the surface).

Using renewable energy

The architectural quality and the compatibility with the existing urban environment will have 2 critical points. The consideration of controlling energies will be reached by using renewable energies for lighting, heating and/or air conditioning, specifically using heat pump on sea water or photovoltaic process. This new neighborhood will have a health track, bicycle lanes, electric transportation and a public path on its perimeter. Setting up a public beach with associated seaside companies is just an option. Finally, a "landmark" from which 15 to 20,000 m2 will be reserved should contribute to the international influence of Monaco. The requirements do not specify the activity to which it is destined to, but tends to believe that it may be considered to be "an authentic masterpiece". It could possibly be a new museum.

Selected contractors shall meet the challenge to manage an extraordinary construction site without interfering with the Monaco life. For real estate professionals, the execution of such a project is great news.

For real estate professionals, the execution of such a project is great news. After witnessing such a downfall of the Monaco line of products, they judge "helpful" to create new luxury housing that the market could absorb. However, they prefer to stay cautious, no one knows what the future might hold… even if the inclination is optimistic on the "Rocher".