Declassification and Private Development in the Larvotto Area: A Case Study
News
Law No. 1.572 of 8 April 2025 enacted the declassification of a parcel of land previously part of the public domain of the State.
The land, covering 305.15 sqm, lies between Boulevard du Larvotto and the "Le Formentor" building on one side, and Villa Larvotto No. 1 and the Société Monégasque des Eaux on the other. Until recently, it was designated as public green space.
According to the bill's supporting documents, the plan is to consolidate this parcel with a neighbouring property — Villa Larvotto No. 1, located at 7 allée Emmanuel Gonzales and owned privately — for the purpose of a heritage-oriented real estate project.
The proposed development includes:
- The construction of a private residential building: 10 floors above ground level.
- The elevation of the current garden, replaced by a landscaped public forecourt of approximately 242 sqm.
This new construction is expected to obstruct the view from the adjacent Le Trocadéro building.
Officially published figures indicate that the transaction for the declassified 305.15 sqm alone reached a valuation more than €200,000 per square metre.