A New Medieval–Style Walled Town Is Announced in MontenegroCapture

6th June 2014: BokaGroup, today announces the creation ofa new walled town in Tivat, Montenegro, based on the traditional medieval walled cities characteristic of its historic coastline such as Dubrovnik and the UNESCO World Heritage site of Kotor, just 6km away. It will be the first town built in this style in the Adriatic for centuries and the company believes it will be an attraction in its own right.

‘Tivat Old Town’  is part of Boka Group’s Master Plan,with a project value of €450million, for the redevelopment of a former 80 hectare vineyard near the Porto Montenegro mega-yacht marina that will include thepreviously announced 18-hole Championship golf course called the Royal Montenegro Golf & Country Club. It is intended to give the whole coastal community another major focal point which will become a destination in itself and offer an international standard sporting facility, extending the season and opening Montenegro to golf tourism.

Boka Group’sextensiveresearch into the vernacular architecture of the coastal region and studies of the renovations of Kotor and Budva following the 1979 earthquake, have convinced them of the possibility to combine authenticity with modern technical best practice.

The first drawings will form the basis of the final refined design, for which aesthetic work continues.  This will include additional use of stone, a clock tower and the designs for the hotel exteriorscomplimenting the principles of the medieval style facades which will be the development’s signature.

Founder and CEO John Kennedy announced: “This first old town in half a millennium will combine tradition with the needs of modern home owners. Building on an empty space allows for new technologies to be included but completely hidden. Cable TV and telephone, electricity and air conditioning systems will be invisible. Eco systems, energy generation from natural sources can all be included in a way impossible in towns built centuries ago which have been disfigured when adapted to modern life.

“This is a fantastic opportunity to build a once in a life-time town that will be a focus of international discussion, bringing attention to what Montenegro has to offer and will be the first thing all international visitors through Tivat airport will see when they arrive.”

Tivat Old Town will include apartments, luxury boutiques and restaurants and will be complimented by ordinary stores such as bakeries and butchers. Lower cost residential units aimed at the domestic Montenegrin market will ensure a balance between first and second home ownershipand that the town has a ‘soul’ and is livelythroughout the year,not just during the main tourist season.Overseas buyers will benefit from property management, which will include year round lettings, marketing  and maintenance packages.

Preparation work on the first phase of the whole site development will be the 18-hole championship golf course. Ground clearance and the creation of a new 100m3 natural irrigation lake will begin in the autumn 2014 alongside the completion of all ecological obligations.The 80 hectare site will be developed in phases, with the golf course and country club together with the first apartments completed in two years.

In terms of economic benefits for Montenegro, the project will provide1,000 new jobs, €80m in taxes and €10m a year to the economy of Tivat.

 

Editors Notes:

 

Boka Group is a private equity fund backed by British capital developing property aimed at western markets. It has supervised or managed over €1bn of development value in Montenegro alone. John Kennedy, founder and CEO, is the founder director of the Porto Montenegro Holding Company, Adriatic Marinas and its original sole shareholder, as well as other deluxe villa developments, such as Sea Breeze.

Media Contact: Vicky Goodall, P1 Communications, Tel 020 8614 7503; email:vicky.goodall@p1communications.com