The principality of Monaco is set to expand its size by 202 hectares (500 acres) by a further six hectares with a €1 billion platform extending into the ocean by 2025.
Talk of expansion to one of the world's most renowned superyacht hubs began two years ago, with bids for the eco-friendly development accepted in July 2013, in line with the government's target of a 2024 completion of work.
Guidelines for a "sustainable urban design" to be built on newly reclaimed land which will replace an offshore area located nearby the Grimaldi Forum, a concert hall and conference centre were released by Prince Albert II's establishment.
Last week it was plans for the winning bid, submitted by a consortium including Bouygues, real estate mogul J.B Pastor et fils and four architects, were released. Work is expected to start on the development on 2016, with a slightly later finishing date if 2025 also announced.
The development will offer space for businesses, luxury homes, a park, shops and parking, with the southwest area allocated as a harbour with a "Mediterranean ambiance." It is not yet known if the harbour will offer facilities suitable for vessels of 'superyacht' status.
The project will “fit into the landscape and urban identity in the Principality and crucially "will pay particular attention to the environment, particularly in respect of the marine environment." It will be constructed in line with environmental certifications to ensure it is as 'eco-friendly' as possible.
It is expected that the planned work building a new "neighbourhood" of Monaco will increase the world's most densely populated country by 3%.
Monaco continues to expand to accommodate its well-established popularity as a luxury yacht charter destination, with over 40 hectares (100 acres) of space already recovered from sea in previous decades.
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