(CNN) -- Monaco is famed for its glamorous Grand Prix, exclusive Casino's and mega-wealthy occupants.
Now, the elite province is going to have an exclusive yacht club designed by one of the world's greatest living architects: Norman Foster.
Foster is famed for buildings like London's famous skyscraper, the "Gherkin" and the restored Reichstag in Berlin, which houses the German parliament.
The new building is intended to celebrate Monaco's distinctive coastline and nautical heritage.
It will have a series of deck-styled viewing balconies that step up along the harbor providing views of yacht races and the course of the famous Formula 1 Grand Prix circuit.
Situated on reclaimed land, the development will extend the city's existing marina eastwards and accommodate all sorts of craft, from small children's sailing boats to 100-meter superyachts.
Energy supplies will be augmented by solar thermal panels as well as photovoltaics, while all the interior spaces will be air-conditioned using a low-energy, sea-cooled refrigeration system, the designers said.
Glamour-seeking yacht enthusiasts will have to wait just a little bit longer, though, "Yacht Club de Monaco" is not expected to open until the summer of 2012.