The Minister of Ecology, Spatial Planning and Urbanism, Ratko Mitrović, gave the green light for the construction of the luxury tourist resort Smokva Bay in the area ofReževići.
Mitrović approved the conceptual design for the future tourist resort with a five-star hotel in Smokvica, which was presented to the chief state architect by the consortium of companies V.A.S. Invest, Boticelli Land Development, and Ava Development, with the support of Russian-Israeli capital. They plan to invest 260 million euros in the project.
This decision ended 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 approved, bought another four hectares, and two years ago began earthworks and infrastructure construction, spending an additional 12 million euros on that.
Smokva Bay предусматривает строительство двух отелей с комплексом вилл, которые будут спускаться к морю, и ряда вспомогательных объектов: от рекреационных до коммерческих, а также предприятий общественного питания.