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“The offshore extension will happen” announces Monaco’s Minister of State

30/09/2008 -

 No sketches, no model. Yet Monaco’s offshore extension project is slowly taking shape. An environmentally sound island or peninsula off the Larvotto beach, it will resemble an east-facing cape, blending into the landscape. That is the broad outline presented to the press on Tuesday 30th September by H.E. Mr Jean-Paul Proust, the Principality’s Minister of State, during a progress report on the much talked about offshore urban extension programme in Monaco. The Monegasque State plans to make a contribution to this ambitious construction programme which should rise up from the sea in 2011. But we still don’t know who will be entrusted with the project. “The name of the group that has been chosen will be announced before Christmas, at the latest by the end of February 2009”, said Mr Proust. However, from the five teams that were short listed following the call for candidates in July 2006, the government has “singled out” two: Monte-Carlo Development Company and Monte-Carlo Sea Land.


S.E. M. Jean-Paul Proust,
Ministre d’Etat de la Principauté de Monaco
© Charly Gallo - Centre de Presse de Monaco

The two projects put forward by architects Norman Forster and Daniel Libeskind were selected based on technical and urbanistic criteria. But “the competition is not over and today nobody has been eliminated”, Monaco's Minister of State was eager to add. The financial viability of the five groups still needs to be assessed, all of which are competing for a market worth between 5 and 10 billion euros. A decisive factor in the current financial storm.
“We are giving priority to equity financing rather than bank financing”, pointed out Jean-Paul Proust. Further information will therefore be asked of the candidates to clarify, refine and complete the financial aspect of the proposals. As the Minister of State explains: “The State of Monaco wants to stay in control of operations throughout the process but would like to do so with financial performance guarantees”. “We would like financing that is secured for a ten year period", said the Principality’s head of government.

“Working towards defining the financial model", then naming the successful candidate for the offshore extension programme - these are the next steps for the Monegasque public authorities. The name of the successful candidate should be known by February at the latest. In addition to this role, the State also plans to provide a financial contribution within the framework of the development rights. But as the head of the Prince’s government adamantly confirms, “there will be no financing for the Reserve Fund”. Jean-Paul Proust seized the opportunity, in the current financial turmoil, to point out the key role of this Monegasque specificity, which amounts to close to 5 billion euros: “The Principality is protected by its Reserve Fund. That’s our security, particularly if the crisis continues", he concluded.

Exhibition of proposals

Once the winner of the offshore urban extension programme has been appointed, by the end of February 2009, operations will take place in three phases: The technical preparation of the project, followed by the construction of the slab and finally the construction of the superstructure which is scheduled for the 2011. In the meantime, Jean-Paul Proust, the Principality of Monaco’s Minister of State, has promised to set up a major exhibition geared towards the public as soon as the winner is known. The exhibition will showcase the five proposals put forward by the groups, bringing together some of the greatest architects in the world.

Major public works
-“The offshore extension will happen” announces Monaco’s Minister of State
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Last updated: January 29, 2009 (02:38) Copyright © 2018 Service Informatique du Ministère d'Etat www.gouv.mc