The Porto Montenegro project has seen an investment exceeding €923.4 million, significantly surpassing the initial target of €450 million. Recent data regarding tourism-related priority initiatives reveals that between July and December of the previous year, approximately €38.8 million was injected into the project.
During this reporting period, notable progress was made on the Boka Place project, with the finalization of business premises works and anticipation of their handover to future occupants in the near future.
Simultaneously, the commencement of the Boka Place construction initiated the development of the second phase of infrastructure, known as Phase 2A or Synchro Yards. Construction activities, initiated in December 2022, have been progressing according to schedule. Synchro Yards is envisioned as a dynamic urban area, set to include various plots and modern amenities.
Currently, the Synchro Yards project is in the design phase, with approvals secured for several mixed-use facilities such as Aeris, Aurora, Lyra, and Hotel Ivo. These endeavors aim to enhance the local urban landscape with contemporary amenities and communal spaces.
As of late 2023, the Porto Montenegro project has provided employment to 580 individuals, including 402 Montenegrin nationals and 178 foreigners. This initiative, initiated through a collaboration between the Montenegrin Government, Adriatic Marinas, and P.M. Securities INC, commenced on August 20, 2008.
Porto Montenegro’s transformation of the former naval repair yard in Tivat into a premium nautical and tourism resort includes an 850-berth marina, a 5-star hotel, luxury residences, dining venues, galleries, a nautical museum, and other tourist and commercial facilities.
Significant milestones have been achieved since its inception, including the development of luxury amenities such as the Regent Porto Montenegro hotel, a marina with 464 berths, residential complexes, a pool, and the iconic Buddha-Bar Beach. Furthermore, the project has renovated an existing building to house the Museum of Naval Heritage.
In 2016, the Investment Corporation of Dubai (ICD) finalized a Protocol for the takeover of the nautical-tourism complex and mega-yacht marina. Subsequently, in November 2019, a management contract was signed with Kerzner International, a leading international hospitality company known for brands like One&Only and Atlantis.
Furthering their commitment, the investor applied for construction permits in October 2020 to build a new 5-star hotel called Boka Place, valued at €43.67 million. This endeavor is expected to create 96 new jobs and is monitored through a special investment program of significant interest to Montenegro’s economy.
