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100m Euro Black Sea Project To Be Written Off

The 100 million euro Azur del Mar holiday project on Cape Kaliakra is unlikely to come into fruition, reported.

The developer Kaliakra Invest Ltd suspended continuation due to the expiry of its legally prescribed period, the company’s commercial director Mariela Nikolova said.

As a tangible object, the project did not exist, though it was being offered by more than 700 companies worldwide, she said.

Initial plans envisaged the construction of 135 apartments and 10 luxury villas that were scheduled for completion in mid-2009.

According to the original concept, the complex was to be designed in an Arabian style and separated into three zones, linked via water taxis. The rest of the area was allocated for green space and gardens, 11 outdoor swimming pools, fitness centres, luxury spa and sport facilities, and glass lifts.

Presently, Kaliakra Invest Ltd is selling the land that had been allotted for the compound’s development. The plot had been considerably expanded to encompass 380 408 sq m, thus making it the largest stretch of construction to be located on Black Sea shoreline, Nikolova said.

At the beginning of last year, reported that only a small portion of the land for the project was municipal; the largest piece was purchased from the residents of the village of Bulgarevo. Rumours have it that average land prices in the region fluctuated at about 30 euro a sq m.

However, Kavarna’s chief architect said that the pieces of land were owned by the city hall and that Kavarna municipality had sold them to Bulgarian Dreams after changing their use designation into construction plots. Rumours had it that ground was broken for the complex in May 2006, without receiving publicity.

Bulgarian Dreams is a British-Bulgarian real estate agency specialising in luxury developments. It meant to offer the units in the future resort exclusively to Arabic customers.

The high-profile project had been subject to numerous attacks by environmentalists and by the Union of Bulgarian Architects ever since its announcement.