October 31, 2019 – The first phase of the “Livka Bay, Solta Island” tourist resort, valued at almost 509 million kuna, was announced as a strategic investment project of the Republic of Croatia by the Government, at the proposal of the Ministry of Economy, Entrepreneurship, and Crafts.
Slobodna Dalmacija reports that it is a private investment project, financed by private capital and prepared for many years by the investor company Azurna uvala d.o.o. based in Stomorska on the island of Solta.
According to Minister of Economy Darko Horvat, this elite tourist resort will include the construction of a five-star hotel with a total capacity of about 100 rooms, with a spa and wellness center, restaurant, cafe, and beach club for hotel guests.
“The project also envisions 29 villas and 23 bungalows, which will be branded by an elite hotel operator, and in the first phase of the project, 250 new jobs will be created,” Horvat said.
The project was first spoken about as a strategic investment back 2016, and earlier this year, director of Azurna uvala Milenko Bijedic, which represents the project investor British investment house Dolphin Capital Investors, said that the project would be completed by 2023, noting that infrastructure work could begin this fall.
He also stated that the total value of the project is estimated at just over one billion kuna, of which 509 million kuna, which was declared strategic for the Republic of Croatia, refers to the first phase. In April this year, Azurna uvala signed an agreement with the Ministry of Economy, Entrepreneurship, and Crafts, which was also mentioned by Minister Horvat at the Government session.
Azurna uvala was founded in 2005. Bijedic said that the project’s biggest challenge is evaluating the infrastructure in Livka Bay, because there is currently no access roads and internal roads, provision of water and electricity with transformer stations, and a wastewater system with all necessary purifiers, in order for construction to begin.
Bijedic also revealed that the actual owner and investor in the project, British Dolphin Capital Investors, is ready for this investment as soon as all the paperwork has been resolved and that so far, 183 million kuna of private capital has been invested in the preparation and development of the project.
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