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Icade announces Marseille, France, biodiversity urban renewal project

French real estate investment trust Icade opened the Initial Prado urban renewal project in Marseille, France, which will convert the building from office space into 113 residential units.

The 10-story project on Avenue du Prado comprises 100,718 square feet of net leasable and habitable residential space, 10,226 square feet of office space on the ground and first floors, including Icade Promotion's office, and 117 underground parking spaces. The height of the building will increase by three floors.

Completion is expected in the second half of 2021.

Icade formed a joint venture with the city of Marseille and CDC Biodiversité to promote biodiversity in the area. The real estate developer intends to restore 1 square meter of biodiversity for each square meter of land developed for all its projects in the Marseille area until 2021.