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As part of its economic development, the Principality of Monaco undertook the creation of Fontvieille, an area of approximately 22 hectares which was largely gained from the sea. This technically very complex project (due to the very deep seabed in this area) was initiated in 1966 and it was not until 1973 that the urbanisation of this area could begin. Considered as a residential area with luxurious private and state-owned buildings, this extension also includes a stadium, numerous offices, museums, a church, restaurants, a marina, a marquee, a heliport and green areas.
Always on the lookout for innovations to improve the quality of life of the Principality's inhabitants, a major challenge has just been created with the construction of a new five-level shopping centre planned for 2027. With an estimated budget of 300 million euros, the company Socri Reim and the studio Fuksas will take care of this huge and very ambitious project, which has respect for the environment as its guiding principle. Indeed, 2,000 trees and the use of ecological materials will make it possible to optimise energy in order to guarantee cohesion between urbanisation and the environment (e.g. the use of large rainwater recovery tanks to water the trees, the production of photovoltaic energy etc). With around 30,000 sq. m. of floor space, the shopping centre will include the Carrefour hypermarket, a cinema complex, numerous parking spaces, as well as redesigned tertiary spaces and 41 state-owned housing units. The principality is indroducing a new, modern, fluid and organic architectural identity.