PREI® Partners with Grupo Concord to Develop Mexico's CostaBaja Resort
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PREI® Partners with Grupo Concord to Develop Mexico's CostaBaja Resort
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Category: North America & West Indies / Carribean islands - Mexico
This is a press release selected by our editorial committee and published online for free on 2008-06-06
PREI® announced today that it has formed a joint venture with Grupo Concord to develop the second phase of Mexico's CostaBaja Resort & Marina Project along the Sea of Cortez. PREI, acting on behalf of institutional investors in its residential strategy, will invest up to $800 million in the project over several years. PREI-Prudential Real Estate Investors-is the real estate investment management and advisory business of Prudential Financial, Inc. (NYSE: PRU).
The project, just five miles away from downtown La Paz, the State capital of Baja California Sur, has been carefully developed to preserve the essence of the Baja habitat along the Sea of Cortez, which is home to a third of the world's dolphins. It is also introducing top-line amenities, including a marina, a hotel and retail shops. The resort will also host the first golf course in Mexico to be designed by golf legend Gary Player.
Together, PREI and Grupo Concord expect to develop a 2.1 million-square-meter tract of land near the tip of the Baja Peninsula on the Sea of Cortez. Construction of Costa Baja's Phase II is expected to begin later this year. When completed, the project will comprise about 1,800 condominium units.
"We are proud to form this partnership with Grupo Concord, which has been committed to sustainable development and natural preservation," said Roberto Ordorica, CEO of PREI-Latin America. "This project provides our investors with an excellent opportunity to participate in Mexico's rapidly growing tourism industry and strengthens our commitment to Mexico."
Alejandro Magaaa, general director of Grupo Concord, said, "We believe our newly formed partnership with PREI will strengthen our market position and provide us with a platform to successfully continue the development of the project in the city of La Paz. The CostaBaja complex already has a marina for 250 boats, a 120-room hotel, retail and entertainment areas surrounding the marina, and 50 residential units."
Manuel Arango, president of Grupo Concord stated, "La Paz is the gateway to the natural wonders of the Gulf of California. We have been committed to the region for several decades, during which we helped protect the natural heritage and promote its sustainable development. One example is our participation in the rescue and donation of the Espiritu Santo Island, off the coast of La Paz, to the Mexican nation, so that it could be preserved." Arango also noted that Jacques Cousteau labeled the Sea of Cortez the "aquarium of the world."
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