The Côte d'Azur city announced a $556 million project to renovate the Palais des Festivals, build a film museum and become an"audiovisual Silicon Valley."
Entitled “Cannes on Air,” the project, currently budgeted at €500 million , would include enlarging the Palais des Festivals that has been the heart of the world’s most famous film festival and market, MIPCOM, CanneSeries, Cannes Lions and other events since it opened in the early 1980s. Plans include adding another floor to the existing building that would house a 500-seat theater and renovating the Salon des Ambassadeurs. The cost is estimated at €62 million .
Baptized Cineum Cannes, the cinema will open in June 2020 in the heart of a technology park to be known as “Bastide Rouge” that will be built west of the city. The park will feature a brand new university dedicated to film, television, video games and web creation whose campus could welcome up to 1,200 students annually.