Project Teaser

BASIC INFORMATION

Project name Pašman resort
Estimated value According to the investor’s decision on the size of the investment
Project sector Real Estate / Tourism & Hospitality
Project Location European Union, Croatia, Zadar County,
Municipality of Pašman – South side of Pašman island – located in the middle of Croatian Adriatic coast
Traffic connection Excellent connection of the island of Pašman with the mainland with a modern port and very frequent ferry connections and direct connection with the highway (via Preko or Tkon). Planned bridge mainland – island Pasman. Zadar International Airport (approx. 20 km)
Project owner Municipality of Pašman

THE PROJECT

Project IDEA Pašman Resort will be renowned for its community spirit. The project strongly encourages integration, social interaction and the formation of close ties amongst community members. The local workforce, local residents and holiday makers share the same facilities and environment and develop the same passion for the land, the culture and the people. Pasman Resort is a place where different cultures merge and live the Mediterranean dream. The well-being of the local population has been given special attention. Local people will have the opportunity to open and run businesses within the resort and employment opportunities are varied and range from farming to managerial positions (about 7,7 ha of land within tourist zones is owned by private individuals).
Project ZONE Project area is approx. 200 ha with 100 ha of tourist zones. Two zones (T)  each 50 ha with a maximum possible accommodation capacity of 2,500 beds, a total of 5,000 beds), 5 ha service and logistics zone (K),  approx. 100 ha golf course of up to 27 holes with additional accommodation facilities and other accompanying facilities (Zone R1).
Project SCOPE The purpose of the land for the Project is defined by the Spatial Plan of the Pašman Municipality, Amendments and Supplements 2015/2020/2023. (The tourist zones are defined in Articles 115 to 120 and the Logistic zone is defined in Articles 109d to 109h, the golf zone (R1) is defined in Article 122). Some of the important determinants of the Spatial plan are presented below:

  • construction of accommodation buildings must be planned at least 100 m from the shoreline.
  • plan walking paths, green areas, sports-recreation and accompanying hospitality contents within the shore strip of 100 m, and functionally connect such contents to the beach strip.
  • plan and construct buildings which will follow the expression of traditional Dalmatian architecture in terms of material and shape.
  • in the tourist and logistic zone it is permitted to plan installations for production of electrical and
    thermal energy from renewable sources for the needs of the zone.
  • small nautical tourism ports with clearly defined public space may be formed in tourist zones.
    Tourist zone with a port must be treated as a unique urban unit.
  • maximum number of floors: basement + lower ground floor, ground floor, first floor. The permitted
    height of buildings is 7.50 m. Exceptionally, certain constructional elements may be higher, but no higher than 12.0 m.
  • the maximum zone lot coverage is 30%. The maximum exploitation of above-ground floors in the zone is 0.5. The total coefficient of exploitation in the zone is 0.8; Anticipate an area for gathering with central contents. Secure at least 40% of the surface of every building lot for park areas and greenery.
  • up to 30% of accommodation units can be planned as hotel accommodation under the following
    conditions: maximum number of floors: basement + lower ground floor, ground floor, second floor,
    the permitted height of the hotel building is 10 m.
Project documentation Available project documentation includes:

  • Spatial plan of the Municipality of Pašman (main documentation basis that represents mandatory conditions).
  • Conceptual solution of the Project (only informative and not mandatory)

Investors will draft their own Conceptual solution of the Project in alignment with the Spatial plan of the Pašman Municipality.

CONTRACTUAL PRINCIPLES

The investor (i.e. its special-purpose company /SPV/ established by the investor for the purposes of project realisation) selected in a public tender will enter into a contract for the establishment of the “Right of Construction” on land owned by the Municipality of Pašman for the implementation of the Pašman Riviera project. The investor (i.e. its SPV) will have the “Right of Construction” within the tourist zones, golf zone and service-logistic zone for 99 years. The investor (i.e. its SPV) will after construction be the owner of all objects (hotels, villas, apartments, restaurants, recreational facilities…) while the owner of the land will remain the Municipality in accordance with the Law on Ownership (Property Act). After expiry of the “Right of Construction” (99 years), the Municipality is required to reimburse the investor (i.e. its SPV), for the increased land value. If it turns out that, based on the provisions of the Law on Ownership (Property Act), the Municipality, as the owner of the land, is obliged to pay the investor (i.e. its SPV), as the holder of the “Right of Construction”, compensation for the increased value of its real estate, the relations of the contracting parties will be regulated by a separate contract in the last year of this Contract in accordance with the then valid regulations.

Upon final expiry of the period for the use of the “Right of Construction”, the investor (i.e. its SPV)  will return the land into the Municipality’s possession and deliver the buildings to the Municipality’s possession and ownership.

OBLIGATION MATRIX

Pašman Municipality obligations

Investors obligations

Land is “Right of Construction” ready

Nominated costs of project development to date paid after contract signature.

Access road and infrastructure corridor ready for construction

Regular payment of the annual  “Right of Construction” fee upon entering the Project.

Functional “Helpdesk” and  project incentives implemented

Investors are obliged to develop a detailed conceptual design as a basis for the development of the Urban Plan.

Urban plan adopted in 1 year period

Obligation to build the basic infrastructure of the area and a minimum part of the planned hotel and tourist accommodation capacities and other tourist facilities (30%) within 10 years from the entry into force of the Urban plan.

Determining the sea border

Commercialisation of the Project during contract period. Obtaining the concession for utilising maritime goods (with full support from Pašman Municipality).

TENDER CONDITIONS

The right to participate in the tender Bank guarantee ( 5.000.000 EUR )
Bid selection criteria The highest offered fee for the “Right of Construction”
Initial unit annual fee for the „Right of Construction“ 0,24 EUR/m2
Total area of land for establishment of the „Right of Construction“ 1,978,301 m2

IMPORTANT ANNOUNCEMENTS

Current Project status The Project is ready for tender
Public tender announcement The expected publication of the public tender is after the expression of interest from an investor.