Many similar types of properties in the Bulgarian resort and tourism zones. Most of them were funded through heavily leveraged debt, which was a common feature in the years leading up to 2009-2010, when Bulgaria experienced a property bubble. Construction on Costa Del Croco didn't start until late in this period and so it was badly caught in the global recession. I believe the developer of this property has been expelled from Bulgaria, or possibly even incarcerated (for other reasons, such as ties to Mafia and criminal activities). It's devastating because the location was good and the boon it could have had to the tourism of Tsarevo will be lost. The only thing of value Costa del Croco now offers in its half completed state is a cautionary symbol of excess and a curious sight to behold as an abandoned structure.
I worked for a developer and believe The Problem is that there has probably been a great deal of deterioration in rebars etc which might just make it good only for demolition! I wish the Bulgarian government would fund possible refurbishment and make a magnificent place for people to live. This is so very sad. To think of what it could have been!!! It is heartbreaking.
I see that this entire development was for sale in 2016 for US$7.5M. I guess they didn't get a buyer. If it was 980 apartments, that'd make the cost close to $8000 per apartment. Granted they still needed a lot of work but couldn't you do that work and sell the houses to SOMEBODY at a profit?
В 2008 году я был маленький мы ехали с отцом из Австрии в Швейцарию, или наоборот из Швейцарии в Австрию, на евро-2008, и в поезде как раз был хозяин коста Дель кроко…
Russian developer. Not that there aren't succsessful russuian developers, but when a not covered financial scheme could not lure more money and developer starts dealing with criminal groups prosecuted in half of the world and the not nice guys of government organisations of mother Russia resulted in him being expulsed from Bulgaria. A developer without capital oweing many individuals, companies and banks a whole lot of money - chances of selling or confiscating the property via court start seeign distant enough so that the property wiill have enough time to become ruins. B.t.w. the initial opening date was in 2009.
It was a russian developer however one of them got arrested and deported to Russia with "ties to the uralmashevci" which is a organization branded as terrorist in Russia - his brother was the leader and the developer was deported shortly after his brother's death. The complex itself was very ambitious, however the problem is that the land was owned by bulgarian people. They "traded" the land with promise to get some apartments/condos in return, however now they got nothing. They got no apartments, obviously, and they can't use their land as it is both occupied and "under arrest". Even if it was released, they would still have to demolish all this at their expense in order to get the land, and demolishing will cost millions.
See many of these in Bulgaria we were advised to always buy completed property. Buying one a few years old with good management is best.
Many similar types of properties in the Bulgarian resort and tourism zones. Most of them were funded through heavily leveraged debt, which was a common feature in the years leading up to 2009-2010, when Bulgaria experienced a property bubble. Construction on Costa Del Croco didn't start until late in this period and so it was badly caught in the global recession. I believe the developer of this property has been expelled from Bulgaria, or possibly even incarcerated (for other reasons, such as ties to Mafia and criminal activities). It's devastating because the location was good and the boon it could have had to the tourism of Tsarevo will be lost. The only thing of value Costa del Croco now offers in its half completed state is a cautionary symbol of excess and a curious sight to behold as an abandoned structure.
That was interesting 👍🏼 Heaps of similar abandoned projects in PRC
I worked for a developer and believe The Problem is that there has probably been a great deal of deterioration in rebars etc which might just make it good only for demolition! I wish the Bulgarian government would fund possible refurbishment and make a magnificent place for people to live. This is so very sad. To think of what it could have been!!! It is heartbreaking.
I see that this entire development was for sale in 2016 for US$7.5M. I guess they didn't get a buyer. If it was 980 apartments, that'd make the cost close to $8000 per apartment. Granted they still needed a lot of work but couldn't you do that work and sell the houses to SOMEBODY at a profit?
Is it for sale?
Is there a web site?
Is there any contact info?
I could make a sustainable town out of it quite easy
Nobody wanted it in 2016 for just 1 million BGN.
В 2008 году я был маленький мы ехали с отцом из Австрии в Швейцарию, или наоборот из Швейцарии в Австрию, на евро-2008, и в поезде как раз был хозяин коста Дель кроко…
Russian developer. Not that there aren't succsessful russuian developers, but when a not covered financial scheme could not lure more money and developer starts dealing with criminal groups prosecuted in half of the world and the not nice guys of government organisations of mother Russia resulted in him being expulsed from Bulgaria. A developer without capital oweing many individuals, companies and banks a whole lot of money - chances of selling or confiscating the property via court start seeign distant enough so that the property wiill have enough time to become ruins. B.t.w. the initial opening date was in 2009.
It was a russian developer however one of them got arrested and deported to Russia with "ties to the uralmashevci" which is a organization branded as terrorist in Russia - his brother was the leader and the developer was deported shortly after his brother's death. The complex itself was very ambitious, however the problem is that the land was owned by bulgarian people. They "traded" the land with promise to get some apartments/condos in return, however now they got nothing. They got no apartments, obviously, and they can't use their land as it is both occupied and "under arrest". Even if it was released, they would still have to demolish all this at their expense in order to get the land, and demolishing will cost millions.
And unfortunately financed for organize crime to have a way to launder their money through a resort.
🇧🇬🇧🇬🇧🇬🇧🇬😍😍♥️♥️♥️