||Solidere has three functions:
SOLIDERE is in charge of financing and executing all
infrastructure works inthe BCD. The protection and treatment of land reclaimed from the
sea in the area facing the Normandy and Hilton hotels, and the development of two marinas,
are also part of the infrastructure works.
According to an August 10, 1994 Council of Ministers' decision,
SOLIDERE will be reimbursed by the State for all infrastructure costs incurred, including
installing roads, public spaces, gardens, all networks, pavements, light posts, a power
transformer unit, and parking areas. In addition, SOLIDERE responsibilities in the
reclaimed zone will be to treat the refuse dumped in the area over the years, spread and
compact the landfill, establish the sea protection, install the total infrastructure, the
seaside boulevard, promenades, public parks and two marinas.
Payment for these works, and compensation for 106,000 square
meters of land in the traditional BCD expropriated by the State for public spaces as a
result ofthe Detailed Master Plan of March 4, 1994, will amount to 292,000 square meters
in the reclaimed lands, with the remaining 316,000 going to the State.
2/Real Estate Development
In the fields of rehabilitation and restoration, SOLIDERE will
develop preserved buildings which have not been renovated by their former owners. About
260 buildings have been designated as restorable; and many are expected to be renovated by
their owners or tenants.
As for new real estate development, the Company will develop part of the
available land and will sell the rest to other real estate developers. About 571,000
square meters will be suitable for new development in the traditional BCD and to this will
be added another 260,000 square meters in the reclaimed area.
A third function of SOLIDERE is to manage real estate properties,
buildings and other facilities.
|Surface Areas in Square Meters
|Traditional BCD As Per Master Plan
|* 160,000 of this area occupied by preserved buildings
|** Government and religious buildings