**Rome’s Aquarium Project Faces Financial and Legal Hurdles**
The Aquarium of Rome, envisioned to open this year, aims to showcase the city’s offerings beyond its rich ancient history and iconic churches. However, the project has encountered significant challenges, highlighting the difficulties of executing major construction initiatives in contemporary times.
Italian banks Intesa Sanpaolo and UniCredit maintain a nominal interest in the struggling venture, having previously written off 95% of their loan exposure during a restructuring. Efforts to secure new funding from investors, including London-based Zetland Capital, have stalled for years, raising further concerns about the project’s viability. Located in Rome’s EUR district, an area known for its monumental architecture from the fascist era, the aquarium has been under construction for nearly two decades and risks financial collapse if it does not open soon.
Potential operational partners are hesitant to engage until financing is confirmed. The ambitious 13,000 square-meter project, designed to host over 100 marine species, has already exceeded €100 million in costs and requires an additional €20 million to resolve its financial issues and complete construction. Compounding the situation is an ongoing legal dispute with the EUR district authority, which is pursuing damages from the site operator, Mare Nostrum Romae Srl, due to persistent delays.
A spokesperson for EUR SpA, the government-controlled company managing the area’s development, indicated that securing a new partner might be the only way to move the project forward. Representatives from Mare Nostrum and Zetland have not commented, and spokespeople for Intesa and UniCredit declined to provide statements.
The challenges faced by the aquarium project illustrate how ambitious construction endeavors can quickly become entangled in financial and legal complications, particularly when relations with local authorities deteriorate. Although Italian courts have made strides in expediting litigation and insolvency processes, they still lag behind other leading economies, which poses a concern for international investors, even in distressed scenarios.
The concept for the Rome aquarium originated in the early 2000s, with the Ricciardi family, local developers, securing a 30-year concession to build and operate the facility. After numerous setbacks and financial difficulties, Mare Nostrum aimed to launch the aquarium this year to coincide with a Catholic Jubilee, an event expected to draw 30 million pilgrims to Rome.
**FAQ**
**What is the current status of the Rome aquarium project?**
The Rome aquarium project is facing significant financial and legal challenges, with construction ongoing for nearly two decades and no confirmed opening date. The project requires additional funding and is entangled in a legal dispute with local authorities.
