Rome’s long-awaited Aquarium of Rome, intended to be a new tourist magnet, is teetering on the brink of collapse before ever opening its doors.
A Dream Drowning in Delays
Conceived almost two decades ago, the Aquarium of Rome project in the city’s EUR district has become a stark example of the challenges facing large-scale construction in modern Italy. This ambitious 13,000-square-meter facility, designed to house over 100 marine species, has already incurred costs exceeding €100 million (approximately USD 117 million).
Despite the substantial investment, an additional €20 million is critically needed to complete the project and pull it from financial distress. Its prolonged dormancy means potential operating partners are holding off, waiting for a secure financial footing.
Financial and Legal Hurdles
Italian banks Intesa Sanpaolo SpA and UniCredit SpA have already written off 95% of their loan exposure to the project’s owner, Mare Nostrum Romae Srl, yet still retain a nominal interest. Efforts to secure fresh capital from investors, including London-based distressed specialist Zetland Capital, have stalled for years, casting a dark shadow over the site’s future.
Further complicating matters is a drawn-out legal battle with the EUR district authority. The authority is seeking damages from Mare Nostrum Romae Srl due to the persistent construction delays. This standoff creates a vicious cycle, where legal fears block the crucial investment needed to move forward.
Missed Opportunities and Investor Reluctance
The Aquarium was initially envisioned in the early 2000s by the Ricciardi family, who secured a 30-year concession. After years of setbacks, the owners had hoped to open this year, coinciding with the Catholic Jubilee, an event expected to draw 30 million pilgrims to Rome. This significant windfall now seems out of reach.
Negotiations with potential backers like Zetland Capital hit a snag over the extension of Mare Nostrum’s operating agreement, which is set to expire in 2039. While EUR SpA, the government-controlled entity managing the area, is open to a nine-year extension, it requires Mare Nostrum to partner with more experienced and financially robust firms.
Awaiting a Lifeline
Companies like Costa Edutainment SpA, which runs Italy’s largest aquarium in Genoa, have expressed interest in managing the site, but only once its financial woes are resolved. Previously, global leisure giant Merlin Entertainments withdrew from a similar partnership, highlighting the project’s inherent risks.
Despite Mare Nostrum citing “positive prospects” for a legal settlement, the lawsuit with EUR remains pending. The district authority itself remains skeptical, stating it’s “difficult to expect an opening within the Jubilee year even with a new partner.”
- Rome’s Aquarium project, under construction for nearly two decades, faces imminent collapse.
- It needs €20 million to complete, on top of €100 million already spent.
- Long-standing legal disputes and stalled investor talks are blocking progress.
- The project will likely miss the lucrative Catholic Jubilee, impacting potential revenue.
This saga underscores the complex challenges of delivering major public-private projects in Italy, where legal and financial hurdles can entangle even the most promising ventures.
