The plot area is 3,000 sq. m. According to the project, a 6-story condo-hotel of 5-star level was planned to be built here, between the TQ Plaza multifunctional complex and the Budva hotel.
The company Velja voda lux from Tivat planned to build 39 rooms, a restaurant, a swimming pool, underground parking, and other infrastructure. At one time, the investor approached the chief architect of Budva with a request to approve the conceptual design of the project. However, the plans were not meant to come true. The area near TQ Plaza is one of the last oases in the center of Budva. The city authorities agreed with the company to preserve the green zone. In exchange, they transferred commercial and residential premises in TQ Plaza to it. The compensation amount is 6,685,527 euros. The plot itself was valued at 6,188,700 euros. Thus, the investor will transfer 496,827 euros to the budget of the resort capital. The parties formalized their agreements in an official protocol. Earlier, the Budva city administration said they would like to build a park on this territory.