OREANDA-NEWS  On 31 October was announced, that TMM received town planning approval for the further project  development of its recreational complex in Chornomorsk town (the AR of Crimea). The town planning approval for the development of the complex near Parkova St. in Chornomorsk town was issued by the Republican town planning Council of the Ministry of Architecture and Construction Policy of the Autonomous Republic of Crimea on October 10, 2008.

At the moment TMM Company is elaborating the project documentation and continuing legislation of the permitting documentation. TMM is planning to start construction of the recreational complex in 2010. Construction is planned for three stages. The project's completion is scheduled for 2014.
 
The recreational complex's project envisages the construction of the residential complex with permanent and seasonal residences, hotels with apartments and sport-recreational complex. The project includes all social infrastructure for comfortable living and recreation: parking, shops, cafй, restaurant, public services and the whole scope of post-construction utility services for real estate objects.

The area of the land plot rented for construction is 10 he. The total area of the recreational complex is 62 thousand sq. m, including the area of the residential building (484 apartments) – 52 thousand sq. m; the area of 3- and 4-star hotels (100 rooms) – 5 thousand sq. m; the area of the sports complex – 3 thousand sq. m;  the commercial useable area – 2 thousand sq. m.

As of June 30, 2008, TMM's project of Chornomorsk town recreational complex was valued at USD 13.3 million (data from the independent valuation by CB Richard Ellis).