Geneva: Pictet Group participates in major PAV project
The Pictet Group will build a block of houses to be constructed as part of the large-scale Praille Acacias Vernets (PAV) project in Geneva.
Pictet has signed an agreement with the City of Geneva under which the private bank secures the building rights to a block of houses to be built in the L'Etoile district from 2025 as part of the major PAV project.
Block B, with a gross floor area of around 66,500 square meters, is to be used mainly by the Pictet Group and third parties and will also include around 100 residential units. The block is to consist of four buildings and have a six- or eight-story base on the first floor. A 24-story elevation is planned for the northern part. Pictet plans to announce the winner of an architectural competition in spring 2020.
The Geneva-based private bank will pay CHF 21.8 million as part of the agreement, and will also contribute CHF 5.8 million to the design of the outdoor facilities around Block B.
As part of Geneva's large-scale PAV project, around 230 hectares will be redeveloped over the next few decades. It is expected to create 40,000 jobs and 9,000 apartments. (ah)
