Word: spaces
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Dates: during 2000-2009
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...beams recycled from abandoned factories, hand-cut Italian terra-cotta tiles in the bathrooms, and custom-made furniture inspired by early 20th century designs. A stay also grants you access to perhaps the hotel's truest luxury: its subterranean Shibui spa and pool. Low lit and nearly silent, the space contains an original 18th-century bamboo home from Tokyo, meticulously reconstructed onsite...
...Explaining his vision today, Djukanovic says: "We are a small country. We have no space for mass tourism. We want to use every inch of territory that we have to attract the highest-paying guests. We have the frame; now we want to fill it with a beautiful picture." The development at Tivat is the centerpiece of these ambitions. The plan includes an 800-berth marina, a golf course, a resort village and several hotels. Where an old corrugated-iron warehouse stood, the Four Seasons is building its first resort on the Mediterranean, to open...
...fastest-growing tourist destination in the world. Billboards promising "choice properties" in Russian Cyrillic script line the avenues of coastal towns like Becici. Property prices have shot up, rising as much as fivefold in Tivat over the past five years. A building boom, meanwhile, is gobbling up green space. Pavle Jurlina, a pharmacist in Tivat, says his cousin just sold off land that had been in the family for more than 150 years, ever since his great-great-grandfather bought it with profits from prospecting for gold in California. Ratkovic, the tourism professor, says Montenegro's government needs...
...Worse still: the slump comes just as a rash of new office developments hit the market. With more than 7 million sq ft (650,000 sq m) of speculative office space coming online in the City this year and next, according to Atisreal, British Land may not be the only developer to take a time out. Rival Land Securities, Britain's largest property firm, will decide next March whether to go ahead with construction of a planned 509 ft (155-m) tower around the corner from Leadenhall Building; it too was originally planned for completion in 2011. "It seems...
...long view. "We've seen falls of this scale many times before," says Davidson, recalling "big crashes in [City] rents in the early '90s and around the turn of this decade." Further proof of property's fast-changing fortunes: when the Wall Street crash wiped out demand for space in a newly built Empire State Building in the '30s, locals dubbed the iconic skyscraper the "Empty State Building." London developers can be forgiven for aiming high...