The controversial EUR 1B “Black Sea Gardens” project has been frozen due to lack of funding. Photo from blackseagardens.com
Black Sea Gardens, the billion euro project for a mega holiday resort on the Bulgarian coast Black Sea coast, was frozen.
The news was reported by the Pari Daily which quotes a report by the British investor, Bulgarian property Madara Fund Limited, a company listed on the London Stock Exchange.
The billion-euro project for a holiday complex near the town of Byala was designed by British architect Sir Norman Foster.
At the same time, however, Bulgarian environmentalists have expressed concern about the environmental impact of the project and how the british company acquired the land through agreements with the Bulgarian state.
The British company has stopped the project and is seeking funding, and hopes to resume work on Black Sea Gardens when conditions are better.
Le Pari Daily recalls that at the end of 2008, Bulgarian property Madara Fund announced that it is seeking additional funding for its Bulgarian projects.
The Bulgarian property Madara Fund Limited owns a total of 408,341 square meters nearly Byala; his project provides for the development of a 200,000 square meter holiday complex, which is part of a larger project totaling 1.2 million square meters including luxury apartments, villas, hotel, commercial and entertainment facilities. BBT Projects is a partner of the Madara Fund.
In addition, the Fund has an agreement for the acquisition of a land of 124,000 square meters near the Bulgarian mountain resort of Borovetz.
Bulgarian property Madara will seek partners in order to create a joint venture to make its investments; the company is even willing to sell some of its assets in order to provide funds for its investing activities.