In the heart of the Carré d’Or, one of Monaco’s most iconic districts is preparing for a major transformation. Monte-Carlo Société des Bains de Mer is working on the redevelopment of the Terrasses du Casino, a strategic site located between Place du Casino, Port Hercule and the Thermes Marins Monte-Carlo. Still in the final approval phase with the Monegasque authorities, the project could begin construction in 2027 and become one of the Principality’s most significant real estate developments of the next decade.
The Terrasses du Casino occupy a rare position in a territory where every square metre matters. The area currently includes the Thermes Marins, offices of Edmond de Rothschild Bank and a parking facility. Above all, it enjoys spectacular views over Port Hercule, the Rock of Monaco and the Mediterranean, while being directly connected to Monte-Carlo’s most prestigious establishments.
The redevelopment extends the strategy already implemented around Place du Casino. Following One Monte-Carlo and the renovations of the Hôtel de Paris and the Café de Paris, the Terrasses represent a new opportunity to strengthen the appeal of the Carré d’Or and adapt its offering to the expectations of an international high-end clientele.
According to information provided by Stéphane Valeri, Chairman and Chief Executive Officer of Monte-Carlo Société des Bains de Mer, the program would include around ten ultra-luxury residences spread over four levels. Designed as hotel residences, they are expected to offer exceptional views of Monaco’s harbour and benefit from SBM services.
The project also plans new high-end retail spaces. A shopping gallery could be created along Avenue de Monte-Carlo, in the upper section of the building. This component remains subject to discussions with government departments and the necessary authorizations. The ambition recalls the One Monte-Carlo model: combining real estate, retail, hospitality and lifestyle within a single complex.
A kids club intended for the Hôtel de Paris is also planned. This facility would expand the services available to families and strengthen the connection between the future complex and the neighbouring hotels.
The redevelopment will primarily lead to the complete reconstruction of the Thermes Marins Monte-Carlo. In their current configuration, inaugurated in 1995, they include a heated seawater pool, a solarium, fitness areas, treatment rooms, a sauna and a hammam.
The future centre is announced as larger, more modern and positioned at the highest international standards. Initial plans mention a large swimming pool, fitness facilities, treatment areas and a partnership with a global leader in wellness, fitness and health. The partner’s name has not yet been disclosed.
For SBM, this facility is intended to become much more than a hotel spa. The objective is to establish Monte-Carlo as a health and wellness tourism destination capable of attracting visitors throughout the year. This strategy particularly targets the autumn and winter seasons, which are traditionally quieter than the summer period. By developing stays focused on fitness, recovery and prevention, the group hopes to improve hotel occupancy during the low season.
The design of the future complex has been entrusted to the internationally renowned Swiss firm Herzog & de Meuron, in collaboration with Monegasque architect Patrick Raymond. This choice reflects the desire to give the project a strong identity while respecting the sensitivity of the site.
Building in the immediate vicinity of the Casino de Monte-Carlo and the Hôtel de Paris Monte-Carlo requires a close dialogue with the existing heritage. The challenge will be to create a contemporary complex without altering the district’s perspectives, elegance or relationship with the sea. As no final architectural design has yet been publicly presented in detail, the project’s ultimate appearance remains to be discovered.
The outdoor areas are also expected to evolve. The current Thermes parking facility would be relocated underground, removing vehicles from the surface and increasing the space dedicated to landscaping. In a dense and highly mineral environment, this greening effort would contribute significantly to the future complex’s visual quality.
The timeline first depends on the departure of Edmond de Rothschild Bank, announced for the end of 2026. The release of the premises is a prerequisite for launching the operation. If administrative discussions are successfully concluded and the required permits are granted, construction could begin in 2027.
The works are expected to last between four and four and a half years, placing delivery around 2031 or 2032. The Thermes Marins will have to close during the construction period, a significant constraint given their role in Monaco’s current hotel and wellness offering. Such a central project will also require careful management of access, traffic and business continuity around Place du Casino.
With only around ten residences planned, the project will not transform the Monegasque market through its volume. Its influence could nevertheless be significant on a symbolic level. In the Carré d’Or, properties combining a prestigious address, sea views, contemporary architecture and hotel services are exceptionally rare.
These future residences could illustrate the evolution of Monaco’s ultra-prime real estate market. Beyond surface area or location, value now increasingly depends on a complete lifestyle experience: concierge services, wellness facilities, fine dining, security and personalized services. The project would extend this trend by creating a complex fully integrated into the Monte-Carlo Société des Bains de Mer resort.
The Terrasses du Casino are part of the gradual transformation of central Monte-Carlo, where the renovation of historic heritage is accompanied by contemporary high-value developments. The complete renovation of the Casino Café de Paris, announced for completion at the end of 2026 with delivery in spring 2027, forms part of the same dynamic.
Through this project, Monaco is preparing far more than a new real estate development. The Principality is set to redesign a highly visible section of the city, renew a major wellness institution and create a new international address in the Carré d’Or. If the timetable is respected, the construction launched in 2027 will shape one of the new faces of Monte-Carlo in the early 2030s.
The works could start in 2027, subject to the necessary authorizations.
The program would include around ten luxury residences, retail spaces and new wellness facilities.
Yes. The Thermes Marins are expected to close for the entire duration of the construction works.
When is delivery expected?
The project was entrusted to Herzog & de Meuron in collaboration with Patrick Raymond.
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