Regions International
Nov 28, 2007
By: Dees Stribling, Contributing Correspondent
Construction has started on a new resort development, "Destino" (Spanish for "Destiny"), on the Baja peninsula of Mexico.
The project will ultimately include 2,500 resort units on 550 acres overlooking the Pacific, along with retail space, restaurants, a hotel and various recreational facilities. Plans also call for a private walkway along the ocean side of the property.
The development is located at Salsipuedes Bay, north of Ensenada and about an hour and a half drive south of San Diego. According to developer Mar y Cielo Development, the first phase of the project will be completed in early 2009. The master plan for the development, by Newport, Calif.-based RMN Design, calls for a blend of Mexican and Mediterranean influences.
"Destino will include not only a boutique hotel, spa, and restaurants, but also a seaside village with shops, cafes, and a wine tasting center," Luis Miranda, director of marketing, told CPN this afternoon. "The idea is to make Destino is a community reminiscent of Mediterranean towns."
Destino is one of a wave of resort and multi-family developments breaking ground in Mexico recently, as investment capital flows into the country and properties there attract the attention of well-to-do U.S.
residents, Europeans and Asians. Currently in the resort/multi-family development game in Mexico are some U.S.-based real estate heavy hitters, such as Donald Trump and Sam Zell, as well as international
hoteliers, including Four Seasons Hotels Inc., St. Regis Hotels & Resorts, InterContinental Hotels Group and Marriott International.
Down the Pacific coast near Puerto Vallarta, for example, the Punta Mita development--a low-density mix of upscale resort and multi-family properties, hotels, and recreation on a 1,500-acre peninsula north of that city--reports strong interest from both buyers and investors, in
spite of recent turmoil in the world's financial markets. Sales at Punta Mita in the third quarter of 2007 were $84.5 million, up 34 percent compared with the same quarter in 2006. Currently under development at
Punta Mita, along with various residential properties, is a St. Regis Resort & Residences, which will join the existing Four Seasons Punta Mita Resort upon completion in 2008.
"For a lot of the buyers at Punta Mita, financing isn't an issue," a spokeswoman for DINE, Punta Mita's developer, told CPN this morning. "Our buyers usually have other homes in other parts of the world, and are generally paying in cash. Despite troubles in the
financial markets, the market for luxury second homes in Mexico is still healthy, and we don't expect that the change."
By: Dees Stribling, Contributing Correspondent
Construction has started on a new resort development, "Destino" (Spanish for "Destiny"), on the Baja peninsula of Mexico.The project will ultimately include 2,500 resort units on 550 acres overlooking the Pacific, along with retail space, restaurants, a hotel and various recreational facilities. Plans also call for a private walkway along the ocean side of the property.
The development is located at Salsipuedes Bay, north of Ensenada and about an hour and a half drive south of San Diego. According to developer Mar y Cielo Development, the first phase of the project will be completed in early 2009. The master plan for the development, by Newport, Calif.-based RMN Design, calls for a blend of Mexican and Mediterranean influences.
"Destino will include not only a boutique hotel, spa, and restaurants, but also a seaside village with shops, cafes, and a wine tasting center," Luis Miranda, director of marketing, told CPN this afternoon. "The idea is to make Destino is a community reminiscent of Mediterranean towns."
Destino is one of a wave of resort and multi-family developments breaking ground in Mexico recently, as investment capital flows into the country and properties there attract the attention of well-to-do U.S.
residents, Europeans and Asians. Currently in the resort/multi-family development game in Mexico are some U.S.-based real estate heavy hitters, such as Donald Trump and Sam Zell, as well as international
hoteliers, including Four Seasons Hotels Inc., St. Regis Hotels & Resorts, InterContinental Hotels Group and Marriott International.
Down the Pacific coast near Puerto Vallarta, for example, the Punta Mita development--a low-density mix of upscale resort and multi-family properties, hotels, and recreation on a 1,500-acre peninsula north of that city--reports strong interest from both buyers and investors, in
spite of recent turmoil in the world's financial markets. Sales at Punta Mita in the third quarter of 2007 were $84.5 million, up 34 percent compared with the same quarter in 2006. Currently under development at
Punta Mita, along with various residential properties, is a St. Regis Resort & Residences, which will join the existing Four Seasons Punta Mita Resort upon completion in 2008.
"For a lot of the buyers at Punta Mita, financing isn't an issue," a spokeswoman for DINE, Punta Mita's developer, told CPN this morning. "Our buyers usually have other homes in other parts of the world, and are generally paying in cash. Despite troubles in the
financial markets, the market for luxury second homes in Mexico is still healthy, and we don't expect that the change."
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