Canadian developer 360 VOX has announced that it has agreed to finance Dalmi Croatia’s developments First Bay Resort and Clearpoint Resort on the Adriatic coast. The estimated value of both projects on completion is $1 billion.
Dalmi, as the manager of First Bay Resort Limited and Clearpoint Resort Limited, is developing both a master-planned hotel, marina and recreational residential development on over 247,000 m2 in Primosten, near Split, and a master-planned hotel, marina and recreational residential development on over 100,000 m2 in Cavtat, near Dubrovnik.
Commenting on the announcement, Robin Conners, President and CEO of 360 VOX said:
"360 VOX is pleased to announce our relationship with Dalmi in participating in the planning and execution of these recreational communities. Croatia offers unique historical, cultural and natural assets in one of the fastest growing markets in Europe. Croatia's possible future entry into the European Union points to a broader opening of these destinations. We look forward to expanding our base of operations in Europe and in pursuing the successful development of these marina village communities on the Adriatic Coast."
Srecko Bobeta, President of Dalmi said that Dalmi are looking forward to working with 360 VOX team in realising Croatian developments, and added:
"These are large scale development projects that will provide important infrastructure that Croatia requires to build a sustainable tourism industry for its future growth. These fully integrated recreational projects have an estimated $1.0 billion value at full build-out. 360 VOX brings expertise, the ability to execute and best-in-class operating experience. We are delighted to have concluded this agreement with 360 VOX based on our shared vision for these resort developments."
The resort companies have identified and acquired certain lands and will use the proceeds from the loan for working capital purposes in order to move their plans forward and meet ongoing project capital requirements.
Montreal-based 360 VOX is engaged in the business of developing international hotel, resort, residential and commercial properties in Cuba, China and France.
Dalmi, with offices in Toronto, London and Croatia, is one of the first international real estate companies to target resort development projects in the Croatian Adriatic coast.