Iberdrola Inmobiliaria has decided to build up the Koral Beach Elite tourism complex in Bulgaria, along the south coast of the Black Sea.

With a total investment of €44.6 million, this will be the most crucial operation so far for this subsidiary of the Spanish electricity company.

The proposal comes as part of the company’s foreign growth activities planned within its 2008-2010 Strategic Plan, and was presented in Sofia under the banner of Tsarevo, a tourism destination and an exclusive investment, during an event held in the Hilton Hotel in the Bulgarian capital.

This year (2008), Iberdrola division bought land zoned for housing use on the beachfront in the town of Tsarevo, in the east of Bulgaria.

With a total buildable area of over 240,000 square meters, this will be originated into a resort hotel having 2,500 private condo flats, extending along 800 meters of the prestigious Koral Beach beachfront, with commercial and leisure fields, communal and sports areas and a beach club.

Stefan Dovrev’s exclusive architecture studio designed the Koral Beach Elite project, with additional consultancy work done by the Department of Urbanism at the University of Harvard.