Croatia Seeking Investors for Muzil Project Worth up to 200 Million Euros

Major investment opportunity on a former military peninsula in Istria.

At the session held on Thursday, the Croatian Government has decided to initiate the procedure for expression of interest for the development of Muzil project near Pula, which would involve the construction of a large tourist complex which should be larger even than the Kupare project near Dubrovnik, reports Poslovni.hr on October 23, 2015. The Musil peninsula includes abandoned military facilities, and the location is known as the most valuable part of the Brijuni Riviera project. Since Musil is a complex location with the need to regulate many legal aspects, including issues of maritime domain and cultural heritage, the project will be implemented on the model of Kupare, which should soon, after three years of legal procedures, finally get its investor, Russian Avenue Group, explained tourism minister Darko Lorencin.

“Our goal is to put into operation this attractive area as quickly as possible. There will be a 99-year concession for the construction rights and the right to use cultural heritage area and maritime domain. The area has been grouped, much of it is devoted to public purpose, such as museums, cultural and congress centres, and part of it is designated to accommodate 2,270 beds. We will insist on high quality accommodation with 4 and 5 stars. We have plans for a golf course with 18 holes, a marina with 380 berths, and special attention will be given to conservation of nature and restoration of cultural monuments”, said Lorencin. Former military complex Musil in Pula was given to the Office for State Property Management in 2011.

The peninsula stretches over about 170 hectares of land located in the westernmost part of the Pula bay. The project has been prepared under the same scheme which was implemented for the Kupari project, and all the institutions have done their part of the work in coordination with the Office for State Property Management. Lorencin announced that the same model will be used for other projects as well, such as Saccorgianne in Pula and Šepurine near Zadar.

The value of the project is estimated at 150 to 200 million euros, and it is expected that the call for interested investors will be published soon. It is difficult to predict who might be interested in Musil. Last year, preliminary interest for Musil has been shown by a dozen potential investors, including the Turkish AR Group and Casta Group, as well as Russian company Titan Nekretnine.

 

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