Major Real Estate Project Planned for Casino Terraces in Monaco
Société des Bains de Mer aims to initiate a luxury complex construction by 2027, enhancing Monaco's hospitality and retail offerings.
A significant real estate development is set to take shape in Monaco's Carré d’Or as Société des Bains de Mer (SBM) plans to transform the Casino Terraces, currently home to Les Thermes Marins, the Edmond de Rothschild bank offices, and an adjacent parking facility, into a high-end mixed-use complex.
The ambition involves creating luxury hotel residences and upscale retail spaces reminiscent of the One Monte-Carlo development.
Stéphane Valeri, SBM's Vice President, disclosed during a recent press conference that the project’s timeline hinges on the relocation of the Edmond de Rothschild bank, scheduled for the end of 2026. “We can only launch the project once the bank has moved.
If all goes according to plan, construction could commence in 2027,” he stated.
The anticipated duration of the construction project is approximately four to four and a half years, with projections for completion stretching to 2031 or 2032.
The architectural firm Herzog & de Meuron has been selected to design this new complex, collaborating with local architect Patrick Raymond.
A notable aspect of the project under discussion with the Equipment Department is the creation of a luxury shopping arcade along Avenue de Monte-Carlo.
“This arcade would occupy the upper level of the constructed building.
It is part of a minor deviation we are seeking approval for, which is currently under discussion as requested by Monte-Carlo SBM,” Valeri added.
The plans also include luxury hotel residences featuring exceptional views of the Port of Monaco.
Additionally, a reconstruction of Les Thermes Marins is intended to provide modern and expansive facilities, including a large swimming pool, gymnasiums, and treatment rooms.
SBM views the reconstruction of Les Thermes Marins as a strategic opportunity to enhance hotel occupancy rates during the typically quieter autumn and winter seasons.
The initiative intends to attract health tourism, with Valeri noting experiences at various specialized wellness establishments that draw large numbers despite less appealing locations than Monte-Carlo.
“I am convinced that if we partner with a leader in fitness, health, and wellness, we can significantly improve hotel occupancy during off-peak periods,” he remarked.
He also indicated that details about a significant partner for the health and wellness sector will be revealed alongside the real estate project announcement.
In parallel to developments at the Casino Terraces, SBM continues to express interest in the reconstruction of the Méridien Hotel.
Valeri noted, “We do not own the land, but we are actively engaged.
Unfortunately, the sudden passing of Minister of State Didier Guillaume has stalled progress on this complex matter, but we will be ready to apply.”
The ambition involves creating luxury hotel residences and upscale retail spaces reminiscent of the One Monte-Carlo development.
Stéphane Valeri, SBM's Vice President, disclosed during a recent press conference that the project’s timeline hinges on the relocation of the Edmond de Rothschild bank, scheduled for the end of 2026. “We can only launch the project once the bank has moved.
If all goes according to plan, construction could commence in 2027,” he stated.
The anticipated duration of the construction project is approximately four to four and a half years, with projections for completion stretching to 2031 or 2032.
The architectural firm Herzog & de Meuron has been selected to design this new complex, collaborating with local architect Patrick Raymond.
A notable aspect of the project under discussion with the Equipment Department is the creation of a luxury shopping arcade along Avenue de Monte-Carlo.
“This arcade would occupy the upper level of the constructed building.
It is part of a minor deviation we are seeking approval for, which is currently under discussion as requested by Monte-Carlo SBM,” Valeri added.
The plans also include luxury hotel residences featuring exceptional views of the Port of Monaco.
Additionally, a reconstruction of Les Thermes Marins is intended to provide modern and expansive facilities, including a large swimming pool, gymnasiums, and treatment rooms.
SBM views the reconstruction of Les Thermes Marins as a strategic opportunity to enhance hotel occupancy rates during the typically quieter autumn and winter seasons.
The initiative intends to attract health tourism, with Valeri noting experiences at various specialized wellness establishments that draw large numbers despite less appealing locations than Monte-Carlo.
“I am convinced that if we partner with a leader in fitness, health, and wellness, we can significantly improve hotel occupancy during off-peak periods,” he remarked.
He also indicated that details about a significant partner for the health and wellness sector will be revealed alongside the real estate project announcement.
In parallel to developments at the Casino Terraces, SBM continues to express interest in the reconstruction of the Méridien Hotel.
Valeri noted, “We do not own the land, but we are actively engaged.
Unfortunately, the sudden passing of Minister of State Didier Guillaume has stalled progress on this complex matter, but we will be ready to apply.”
