The Minister of Ecology, Spatial Planning and Urbanism, Ratko Mitrović, gave the green light for the construction of the luxurious Smokva Bay tourist resort in the area of Reževići.
Mitrović gave his consent to the conceptual design of the future tourist resort with a five-star hotel in Smokvica, which was presented to the chief state architect by a consortium of companies V.A.S. Invest, Boticelli Land Development and Ava Development, with the support of Russian-Israeli capital. They intend to invest 260 million euros in the project.
This decision put an end to the nearly decade-long wait experienced by the investors. In 2005, they bought 13 hectares of land from local residents and the Municipality of Budva for 25 million euros. They waited for years for the project documentation to be adopted, bought another four hectares, and two years ago began earthworks and infrastructure construction, for which they additionally spent 12 million euros.
Smokva Bay предусматривает the construction of two hotels with a complex of villas descending to the sea, and a range of auxiliary facilities: from recreational to commercial, as well as catering establishments.