Avenue de la Costa has changed its face in recent years but has somehow held on to its charm and sense of place.

However, according to its detractors, this will change with the planned demolition of two villas and the construction of a 23-storey tower to house the new headquarters of CMB bank and the Monaco Red Cross at 23 ave. de la Costa.

The Palmeraie, owned by CMB, and Colibri, owned by the Monaco Red Cross, will be demolished over a period of 11 months, a special meeting of the Municipal Council was told on Tuesday.

Despite several voices raised to oppose the planned development, the project was given a stamp of approval.
The new building will be constructed on stilts, to provide a green space underneath. There will be 25 apartments, 22 with four rooms and three with six or more. In the eight-story absent there will be parking for 111 vehicles.
One opponent, André J. Campana, told Tuesday night’s meeting that the project is ‘monstrous.’ Camille Svara added that given the scale of the building even a redwood forest would fail to green it.

The project will take 36 months to come to fruition, including the first 11 months for the destruction of the villas.

PHOTO: The CMB HQ in the Palmeraie building at 23 ave. de la Costa. Max Brodie