 |
| Image from the supposed project of the New Boulevard of Tirana |
A strategic investment status has been granted to an investor looking to embark on a $197 million project along the New Boulevard in the capital city. The Strategic Investment Committee has approved this status for a period of five years. The investor is a registered company in the United States, and the proposed project, named "The Cliffs," envisions the development of tourism-related ventures such as hotels, other accommodation structures, a casino, and entertainment services, local media reports.
Details of the Project:
The project is proposed by the group of foreign investors, Adriatic Resorts LLC, a U.S.-based company with its official address in Cheyenne, WY, USA. It is the sole partner of Adriatic Resorts Holding UK Limited, an English company with its headquarters in London, England. The project is set to be implemented through the entity Adriatic Resorts sh.a. NUIS M22221001A, with Adriatic Resorts Holding UK Limited as its sole partner. The ultimate beneficiaries have been declared by the subject according to the legal framework in force.
The development includes a five-star hotel with approximately 250 rooms, 60 other luxury accommodation units, bars, restaurants, retail units, cafes, meeting and entertainment spaces, a spa, pool, recreational areas, a casino, and parking for over 600 cars.
Location and Government Collaboration:
The project will be situated in the area known as the railway station. In exchange for the land that seems to be made available to the investor, the state will receive 12,500 square meters of building space for government offices. The integration of these spaces into the tourism project remains unclear.
The project aims to be realized on New Boulevard, Municipality of Tirana, in Cadastral Zone 8340, property number 8/754, after the initial registration (formerly property number 8/76), in the cadastral category of "land." After the completion of the commercial building, the proposer suggests transferring 12,500 square meters of office space to the Albanian Government for institutional use or as needed.
Investment and Employment Impact:
The total investment value of "The Cliffs" project meets the criteria outlined by legislation for strategic investments and is projected to be $196,700,000. The project also satisfies the employment criteria set by legislation, anticipating the hiring of over 1,000 individuals.
Zoning and Prioritization:
By Decision of the Strategic Investment Committee No.4, dated 14.10.2020, the area of New Boulevard in Tirana, with an area of 21,953.42 m2, in ZK. 8340, Tirana, has been declared a "Tourism Development Priority Zone," based on and in accordance with tourism legislation provisions.
Cancellation of Al Shiddi's Project:
In 2019, the government granted strategic investment status to a group from Saudi Arabia for the development of the Tirana City Center project. This project was located in the same cadastral zone and property number as "The Cliffs," but the status for the former has now been revoked.
The cancellation decision by the Strategic Investment Committee for the Al Shiddi group's project is linked to legal issues and a lawsuit initiated in early 2023. Since there was no agreement with Al Shiddi by that time, the cancellation had no consequences.
Conclusion:
The approval of the strategic investment status for "The Cliffs" project represents a significant development for tourism and economic growth in Tirana. As the project progresses, it will be interesting to observe the impact on the local economy, employment rates, and the overall landscape of the New Boulevard area. The cancellation of the Al Shiddi project adds a layer of complexity to the strategic investment landscape, emphasizing the importance of thorough legal agreements and government collaboration in such endeavors.