Minister of Ecology, Spatial Planning and Urbanism Ratko Mitrovic gave the green light for the construction of the luxury tourist resort Smokva bay in the area Rezhevichi.
Mitrovic agreed to a conceptual project for a future tourist resort with a five-star hotel in Smokwitz, which was presented to the chief state architect by a consortium of VAS Invest, Boticelli Land Development and Ava Development with the support of Russian-Israeli capital. They intend to invest 260 million euros in the project.
The decision put an end to nearly a decade of waiting investors had been experiencing. In 2005, they bought 13 hectares of land from local residents and the municipality of Budva for 25 million euros. They have been waiting for the approval of the project documentation for years, bought another four hectares, and two years ago they began excavation and construction of infrastructure, for which they spent an additional 12 million euros.
Smokva bay envisages the construction of two hotels with a complex of villas that will descend to the sea, and a number of ancillary facilities: from recreational to commercial, as well as catering establishments.
