After eight years of wrangling and a court case in 2020 that awarded the developer 157 million euros in compensation, including interest, the gigantic multi-purpose building project on the east side of Port Hercule is now set to proceed.
Antonio Caroli, the developer behind the project, first launched the scheme – on paper – in 2014. However, after objections from the Automobile Club the Government withdrew its permissions and the development was shelved.
The ACM said the new buildings would make the organising of the Monaco Grand Prix impossible, as its footprint would cover vital media and storage areas needed by the competing teams.
Following the court case HSH Prince Albert intervened and called for an amicable solution to be found.
The original plans have been modified. About 5,800 square metres will be allocated for the use of Grand Prix infrastructure, a media compound and storage for items including tyres.
Instead of a museum dedicated to the Prince and Family there will be apartments for Monegasques. The State will also take ownership of the entire second floor, which will be devoted to private apartments. A ‘Museum of the Sea’ will also be part of the project, which will comprise private apartments, offices and parking.
The National Council overwhelmingly welcomed the amended project at a meeting last week.
The Caroli group is active in development, private security services and publishing. It owns the weekly Monaco Hebdo magazine and operates an advertising agency placing ads on Monaco buses and at bus stops.