Monaco Initiates Construction of New Residential Complex as Part of Housing Plan
The development will include 27 apartments and aims to address housing needs for Monégasque residents.
The Principality of Monaco has officially announced the commencement of a new residential project, featuring a building of ten levels that will house 27 apartments.
This initiative is part of the national plan aimed at providing housing for Monégasque residents, as previously discussed during public budget sessions at the National Council.
The project site is located at 5, rue Louis Auréglia, formerly known as ‘Villa Luciole’.
Following a competitive bidding process announced in the Journal de Monaco on September 13, 2024, the consortium composed of S.A.M. Michel Pastor Group (M.P.G) and S.A.M. Probat was selected to carry out the construction.
The planned development comprises 27 residential units, including one T5 apartment and 26 T2 units, along with a private parking facility.
This allocation is in direct response to identified housing requirements for local residents.
In adherence to environmental and architectural standards, the construction will proceed with minimal disruption to the surrounding area.
The government has committed to employing measures to mitigate construction-related nuisances.
Throughout the construction period, regular informational meetings will be held with local residents to ensure transparent communication.
The new housing complex is anticipated to be completed by the third quarter of 2028, marking a further development step towards achieving the goals of Monaco's National Housing Plan.
In relation to ongoing housing initiatives, another significant project under scrutiny is the Annonciade II development.
Initiated in 2009, the Annonciade II project has faced prolonged delays, drawing attention from political figures in the Principality.
Ample discussions have emerged about the project's viability, particularly after a recent urban planning initiative launched in December 2024 seemed to have made little progress.
National Council President Thomas Brezzo has expressed frustration over the lack of tangible outcomes from the project after over a decade of planning.
Originally conceived as a substantial urban development near the Odeon Tower, the Annonciade II project was expected to feature hundreds of housing units, office spaces, a fire station, and a large shopping mall, with an estimated cost in the billions of euros.
It was envisioned to create a new neighborhood comprising approximately 300,000 to 450,000 square meters of floor area.
Despite various efforts since its announcement, including attempts by private developers to consolidate land, no definitive plans have emerged.
The government has recently taken greater control of the project after private efforts failed to produce a viable proposal.
As of October 2024, the project remains under review, with no concrete proposals finalized, raising concerns among public officials regarding its future.
No specific timeline has been established for the commencement of construction.
Nonetheless, the potential inclusion of facilities such as an elderly care home within the Annonciade II development has been acknowledged in ongoing discussions regarding urban planning and housing strategy for the Principality.
This initiative is part of the national plan aimed at providing housing for Monégasque residents, as previously discussed during public budget sessions at the National Council.
The project site is located at 5, rue Louis Auréglia, formerly known as ‘Villa Luciole’.
Following a competitive bidding process announced in the Journal de Monaco on September 13, 2024, the consortium composed of S.A.M. Michel Pastor Group (M.P.G) and S.A.M. Probat was selected to carry out the construction.
The planned development comprises 27 residential units, including one T5 apartment and 26 T2 units, along with a private parking facility.
This allocation is in direct response to identified housing requirements for local residents.
In adherence to environmental and architectural standards, the construction will proceed with minimal disruption to the surrounding area.
The government has committed to employing measures to mitigate construction-related nuisances.
Throughout the construction period, regular informational meetings will be held with local residents to ensure transparent communication.
The new housing complex is anticipated to be completed by the third quarter of 2028, marking a further development step towards achieving the goals of Monaco's National Housing Plan.
In relation to ongoing housing initiatives, another significant project under scrutiny is the Annonciade II development.
Initiated in 2009, the Annonciade II project has faced prolonged delays, drawing attention from political figures in the Principality.
Ample discussions have emerged about the project's viability, particularly after a recent urban planning initiative launched in December 2024 seemed to have made little progress.
National Council President Thomas Brezzo has expressed frustration over the lack of tangible outcomes from the project after over a decade of planning.
Originally conceived as a substantial urban development near the Odeon Tower, the Annonciade II project was expected to feature hundreds of housing units, office spaces, a fire station, and a large shopping mall, with an estimated cost in the billions of euros.
It was envisioned to create a new neighborhood comprising approximately 300,000 to 450,000 square meters of floor area.
Despite various efforts since its announcement, including attempts by private developers to consolidate land, no definitive plans have emerged.
The government has recently taken greater control of the project after private efforts failed to produce a viable proposal.
As of October 2024, the project remains under review, with no concrete proposals finalized, raising concerns among public officials regarding its future.
No specific timeline has been established for the commencement of construction.
Nonetheless, the potential inclusion of facilities such as an elderly care home within the Annonciade II development has been acknowledged in ongoing discussions regarding urban planning and housing strategy for the Principality.
