The construction of a 5-star hotel in the center of the resort town of Budva was canceled this week.
According to the project, in the park with an area of 3 thousand square meters, which is located in the city center between the shopping center TQ Plaza and the Budva Hotel, it was planned to build a 6-story 5-star condo hotel.
Recall that the Tivat company Velja voda lux planned to build a hotel in this place, which provided 39 different rooms, a restaurant, a swimming pool, underground parking and other infrastructure. It is also worth noting that earlier this project was approved by the chief architect of Budva at the request of the investor.
Since this territory, located in front of the TQ Plaza multifunctional center, is one of the last “green” zones and a real oasis in the center of Budva, the city authorities have made every effort and agreed with the developer to save this park. The cost of compensation amounted to 6 685 527 euros, namely, in exchange for the cancellation of the construction of the hotel, the authorities of Budva transferred commercial and residential premises to the investor in TQ Plaza.
The site itself was valued at 6,188,700 euros. Thus, the investor will transfer the difference to the budget of Budva - 496 827 euros.
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