Orrick Rambaud Martel has advised international industrial group Bouygues in connection with an innovative sea urbanization project that will increase the size of Monaco, the world’s second smallest country.
Monaco’s expansion, the biggest infrastructure project in the French area, will be built over a 10-year period beginning at the end of 2016. The project will increase the size of Monaco by six hectares into the sea, on the eastern side of the Principality. Costing a total of at least €2 billion (US$2.18 billion), the expansion will include constructing a platform over 18 26-meter-high concrete caissons that will weigh 10,000 pounds each.
This new district of Monaco will include several new buildings from six to 10 floors, 10 luxurious villas, underwater parking lots, stores, offices and a harbor. It will set a model example as an environmentally-friendly development.
“We are proud to be involved in this unique project,” said energy and infrastructure partner Yves Lepage, who led the Orrick team. “An ambitious 12 hectare land extension project was launched in 2008 by the government but was abandoned after two years of work. We are thrilled to see that a revised version of this project will finally be implemented with the primary objective to develop a project that will be environmentally friendly not only in connection with the construction of the sea extension but also with the development of an ecological district.”
Yves was assisted by energy and infrastructure associate Geoffroy Berthon and corporate partner Jean-Michel Lepretre.
Source: www.orrick.com
