Monaco’s elaborate new complex One Monte Carlo has been inaugurated, four years after the controversial demolition of the Sporting d’Hiver. Overlooking the world-famous Casino Square and boasting no less than 23 luxury stores, the residential complex lines a brand new promenade dedicated to Princess Charlene.

Prince Albert, together with Princess Charlene and their twins Prince Jacques and Princess Gabriella, officially opened One Monte Carlo on Friday. Also present were a host of dignitaries and personalities including Pierre Casiraghi and Michael Wittstock.

Among big name brands to reside in the 60,000 square metre development are Louis Vuitton, Celine, Akris, Fendi, Chanel, Prada, Fred, Lanvin, Dior and Yves Saint-Laurent. They all line the new Princess Charlene Promenade, which the South African native proudly unveiled during the inauguration. There are seven buildings in total housing 37 luxury apartments, ranging from two rooms to a six room penthouse with rooftop terrace and private pool, all with stunning views of Place du Casino, gardens, sea, port and the Prince’s Palace. Offices and a new congress centre complete Monaco’s newest neighbourhood.

Promenade Princess Charlene runs perpendicular to Avenue des Beaux Arts, forming a pedestrian only zone that is lined with palm trees.

In 2008, Prince Albert authorised SBM to demolish the Sporting d’Hiver, a 1930’s building designed in the Beaux Arts architectural style, and erect postmodern buildings instead. It was a very controversial decision that was protested by many Monegasque subjects and residents. In June 2015, the building came down despite the discontent.

With 23 luxury brands concentrated within the complex, combined with other prestigious stores that already exist in the square, SBM has strengthened its position as one of the most unique shopping experiences in the world.