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KAPPELN, GERMANY-A joint venture of Prime Income Asset Management, based in Dallas, and the locally based HarmInvest GmbH are going to develop the $738 million Prot Olpenitz resort. The project will be built over the 425-acre former Olpenitz naval base, just at the gates of the town.

The base was closed in 2006, and features a deep-water port between the mouth of the River Schlei and the Baltic Sea. Existing military structures are being torn down now.

The site is to feature a village with vacation homes with individual boat piers, hotels, restaurants, cafes and a golf course. Specifically, the project will have 7,000 guestrooms, including 1,500 waterfront hotel units, as well as a marina with heated boat storage. Port Olpenitz will be the largest resort in northern Europe, according to Prime officials in a statement. The officials did not return calls for comment.

Groundbreaking is scheduled for this year. “We are looking forward to the scheduled completion of the…vacation resort by year-end 2012,” said Jaska Harm, managing director of the project, in the statement.

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