The plot area is 3,000 sq. m. According to the project, a 6-story condo hotel rated 5 stars was planned to be built here, between the TQ Plaza multifunctional complex and the Budva Hotel.The company Velja Voda Lux from Tivathad planned to build 39 rooms, a restaurant, a swimming pool, an underground parking garage, and other infrastructure. At one time, the investor approached Budva’s chief architect with a request to approve the project’s conceptual design.
However, those plans were never realized. The area near TQ Plaza is one of the last oases in the center of Budva. The city authorities reached an agreement with the company to preserve the green zone. In exchange, they transferred commercial and residential premises in TQ Plaza to it. The compensation amount was 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 agreement in an official protocol.
Earlier, the Budva municipality said it would like to build a park on this site.