Stoynovski, who is the owner of the property jointly with Bulgarian American Credit Bank, will have 33.3% of the building. A hotel chain, which will finance the project, will control the remaining part.
The forum where Stoynovski announced the project was organized by Balpex, which will organize real estate exhibitions in Bulgaria this year.
The skyscraper will be built in the place of the former Vodenitzata restaurant in Burgas, 100 m away from the seashore. Stoynovski, who is also a manager of a retail chain and a concessionaire of beaches in Burgas, began working on the project in 2004. The building will be 54.50 m high.
The skyscraper will be used as a congress tourism hotel. It will have its own art gallery, marine museum, theatre hall, spa-center and indoor pool, as well as luxurious boutiques and restaurants. It will also have a four-level underground parking.
The project has been approved by the Ministry of Regional Development and Public Works and the Ministry of Transport, Stoynovski said.
The skyscraper is expected to be completed in the beginning of 2010. It will spread on an area of 1,000 sq m and will weigh 100,000 tons. The project is expected to cost at least 50 mln euro.
The building will have a total built-up area of around 38-40,000 sq m. Its construction will cost around 1,400 euro/sq m, Stoynovski pointed out.