City of Hvar, Old Bjoranić Palace – renovation of a protected heritage building, prepare a feasibility study.

For the restoration of the protected

“Old Bjoranić Palace” in Hvar, the feasibility of the project can be briefly assessed according to the legislative framework, best practice examples, and market potential.

Key points of restoration feasibility

Status of protected property: Buildings in the historic core of Hvar are protected by the Law on the Protection and Preservation of Cultural Heritage. Every intervention requires consent and a project approved by the competent conservation department. The project documentation must comply with conservation guidelines, and studies must include preservation of authenticity and presentation of the historical values of the property.

Procedure and permits: Before preparing project documentation, it is necessary to consult the conservation department and spatial plans of the city, e.g. the Spatial Plan of the City of Hvar. The entire reconstruction must comply with protection conditions and sustainable use of the property. Full conservation, project and investment documentation must be prepared before works begin.

Renovation model and usage: Best practice examples in Hvar and other cities show that restored historic palaces are often repurposed for hospitality (hotel, boutique hotel, restaurant), cultural purposes (museum, gallery), or combined uses, ensuring sustainable revenue and economic viability.

Financing and market value: Restoration of historic property is complex and costly, and may utilize funds from the Croatian Ministry of Culture, European, and local funds. Economic viability is based on the attractiveness of the location (Hvar center), potential for luxury tourism offerings, and consistently high demand for authentic accommodation in historic palaces on the Adriatic.

Legal and expert requirements (summary)
Preparation of conservation study and project documentation according to the Law on the Protection and Preservation of Cultural Heritage.
Consent of the Ministry of Culture and conservation department before commencing works.
Compliance with spatial-planning documentation and guidelines for sustainable restoration of historic buildings.
Application of an interdisciplinary approach (architecture, restoration, construction, energy).

Economic potential estimate
Historic palaces in the center of Hvar have high market and investment potential due to continuous interest in luxury accommodation and cultural tourism.
Possible destinies: boutique hotel, exclusive apartments, cultural center, or combination of functions.
Estimated returns are above the market average due to location appeal and uniqueness of the property.

Summary
The restoration of the protected Bjoranić Palace in Hvar is highly feasible with careful planning, compliance with conservation and legal requirements, and secure financial structuring. The market potential and investment valorization justify the development of a detailed feasibility study and complete project documentation.