Co-owners Halt 800 Million Euro Montparnasse Tower Renovation

Private co-owners of the Tour Montparnasse in Paris have voted to halt the long-awaited renovation of the 59-storey skyscraper. More than three-quarters of the owners, including insurers and French investment funds, rejected the overhaul after cost estimates more than doubled to 800 million euros. The proposed project included a hotel, a garden terrace, vegetation, and a new glass exterior.

Xavier Niel, a tycoon and co-owner of the tower, has called for a meeting between financial partners, public authorities, and co-owners to examine alternative solutions for the building. The decision comes as the building permit is set to expire at the end of November. The tower is currently closed and empty, and concerns regarding neglect have grown after glass fragments fell from the structure during the summer.

Local officials have reacted with alarm. Philippe Goujon, the mayor of Paris’s 15th district, criticized the decision, stating he cannot accept seeing a decade of development thrown away. Meanwhile, the office of Mayor Emmanuel Grégoire has requested an alternative solution to prevent the site from remaining at a standstill. While some opposition councillors have suggested demolishing the tower to create a park, architect Renzo Piano is continuing work on the pedestrian spaces and shopping centre located beneath the tower.