A compromise has been found for the controversial and high-profile project promoted by Caroli Immo intended for the far end of Port Hercule.

The ambitious development was abandoned after the Automobile Club said that its construction would seriously compromise the organisation of the Monaco Grand Prix. However, Caroli Immo launched a successful claim for compensation that would entail the state paying out 141 million euros.

On Monday, the Prince’s Palace issued a statement indicating that a compromise solution has been found, in which Caroli Immo will waive its compensation in return for a more modest project. Crucially, the revised development will include housing for Monegasques, a provision that had been missing in the original proposal.

The revised plan has been warmly welcomed by the National Council, which thanked HSH Prince Albert for intervening in the matter and finding an amicable agreement.

IMAGE: The original project, which included a museum, offices and private housing