Les Halles...Let the Renovation Begin!
Who's on First? Or...
What's On in the First?
Volume IX, Issue 21
May 26, 2011
Paris, France
FrenchPropertyInsider.com
 
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Bonjour French Property Insider Subscriber,
Les Halles, located in the very center of the city (1st arrondissement, once known as the "belly of Paris" when it was the city's central wholesale marketplace, was demolished in 1971 and replaced with an underground shopping center that the city has regretted ever since.
The marketplace was moved to Rungis. Beneath it is the underground station Châtelet-Les-Halles, a central hub of the RER, Paris's express commuter rail system where 750,000 travelers pass daily. During the conversion period, the site was one enormous open pit, nicknamed "le trou des Halles" (the hole of Les Halles) and was an eyesore for many years at the foot of the church of Saint-Eustache.
Now 40 years later, Les Halles is undergoing another massive renovation to right the wrong of the past and once again, it's looking like "Le Trou." Architect David Mangin won the award to redesign the project a few years ago and the work has begun with a vengeance. What is planned is "a new inviting public garden, a larger pedestrian district, a new building inspired by nature, a greater number of easier-to-use pathways and routes, a larger, more functional regional train station, an enlarged, refurbished shopping center, more cultural facilities and a reorganized underground road network."Completion is scheduled for 2016.
What is most fascinating from our perspective is of course, not only what Les Halles will become, but how it will affect the real estate in the adjacent districts. For now, one must travel around it, rather than cross the once winding paths of the garden to go from the first arrondissement to the second. This cuts the second off from the center of the city for the time being, but 2016 isn't so far off. If Les Halles promises to be all the city hopes for it, all adjacent districts will benefit from the renewal. My guess is that property here will be prime...as long as the changes help reduce the crime and bring a higher class of resident as well as tourists to the now less desirable city center.
There is an information center at the southeastern corner where you can see the miniature model and pick up brochures. More information is at the official Web site at http:/www.parisleshalles.fr
Just a few blocks down from Les Halles is another project undergoing massive renovation -- La Samaritaine. This was one of Paris' first department stores having opened in 1869 at the foot of Pont-Neuf (the city's oldest bridge), which closed in 2005 when the building didn't meet safety codes. Declared a historical monument, the 11-story Art Déco structure was known well by tourists for it's beautiful architecture and outstanding views of the city from the rooftop terrace, if not for its wares.
La Samaritaine will reopen prior to Les Halles -- in 2014, as a fusion of hotel (80 rooms), shopping center, office and apartment complex, with a new glass facade and the interior entirely renovated. It promises to provide 2,400 new jobs. What will happen with the rooftop terrace is entirely under speculation. I have my own fantasies for what is possible there!
You may visit the project at 83, rue de Rivoli and for more information, visit http://www.paris.fr
Both renovation projects promise to bring the 1st arrondissement to a new level -- more befitting the heart of Paris than we've witnessed to date. I urge all investors to consider renewed interest in the first district -- as with all these improvements, the value of real estate is sure to rise.
Editor, French Property Insider
Email: fpi@adrianleeds.com
P.S. Next week we will be reporting on tonight's event, "Legal and Compliance Issues for the US Expatriate," presented by Joel M. Nagel of Nagel & Associates, LLC and Peter A. Zipper, Caye International Bank, Ltd. Stay tuned...
