Municipal Council gives green light to new 23-storey high-rise in Monte-Carlo

Two villas on Avenue de la Costa could be demolished as part of a new €150 million development that’s received initial approval by the Municipal Council. Here’s what we know about the plans so far.

Rising 23 storeys above the central Avenue de la Costa and descending an impressive eight beneath it, the new mixed-use high-rise being put forward by CMB Real Estate Development SAM could forever change the look and feel of the Monte-Carlo neighbourhood.  

The massive contemporary style edifice, not too dissimilar from the nearby One Monte-Carlo and 26 Carré Or developments that have sprung up in recent years, has been designed by local architect Emmanuel Deverini, whose other works include the Honoria Palace, the International University of Monaco and Les Cicognes. 

The plans suggest the high-rise will feature a distinct ‘green’ façade and house 25 apartments, including a duplex, as well as 111 carparking spots and office spaces for the CMB Monaco bank and the Croix Rouge Monégasque, which will both stand to lose their current premises, the Colibri and Palmeraie villas pictured above, if the development goes ahead.   

Initial budget projections set the overall cost at a colossal €150 million.  

The CMB building earmarked to be demolished under new plans. Photo by Monaco Life

Monaco’s Conseil Communal this week approved the project, but not without a request to increase the volume of public green spaces provided by the development, amongst other considerations.

The decision to give the Deverini design the greenlight was also not unanimous, and criticisms notably came from representatives André Campana, who called it “monstrous”, Camille Svara, who said the development was costing the neighbourhood its “charm”, and Marjorie Crovetto, who said the 36-month construction period was “a long time for residents” given the potential overlap with the €170 million Schuylkill development nearby on Boulevard de la Suisse.   


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Photo by Monaco Life