The construction site was a naval shipyard named Arsenal, which fell into disuse after the Yugoslav Wars and the decline of the SFR Yugoslav Navy. The attractive lot on which the shipyard is situated was put on public offering in 2006, and was bought by Canadian bussinesman Peter Munk. It was acknowledged in 2008 that he was not alone in the venture - while Munk owns 54% of the Porto Montenegro company, the rest is owned by Oleg Deripaska, Nathaniel Rothschild, Jacob Rothschild, Bernard Arnault, Sandro Demijan and Anthony Munk.
Munk announced that he intends to build a a luxury yacht marina and a waterfront community, which would cater to needs of growing community of superyacht owners. The favourable position of Tivat in the secluded part of Bay of Kotor, together with the proximity of Tivat Airport, makes it favourable location for a marina.
The marina will have berths for 650 yachts, 150 of them super yachts, up to 150m long.
The planned waterfront community behind the main docks will feature a 150-room Four Seasons hotel, about 250 condo units, conference centre, a market square, an art gallery, a museum, a sports complex and 10,000 square metres of retail space, including a supermarket and a department store.
The project is scheduled to be complete in 2010, while some parts of the complex might not be complete until a year later.
Projects related to Porto Montenegro include an 18-hole golf course in the vincinity of Tivat Airport, and a possible aquisition of Bijela shipyard by Peter Munk, which should serve as a yacht maintenance facility.