In spite of global financial problems, Mexico seems to be one of the few countries in the world that appears to be weathering the storm without too much damage. Yes the peso is down and unemployment up, but overall the economy seems relatively strong.
Work is progressing on several large developments, in Baja California Sur. These are located at Loreto, on the East Cape, near La Paz, the state capital and at Cabo San Lucas.
The Villas group, operators of resorts in Los Cabos, Puerto Vallarta, Cancun and Nuevo Vallarta are developing 1,800 acres at Loreto, North of La Paz. The project will include a Reese Jones golf course, up-scale time shares and full ownership along with grand hotels.
The Governor of our state was in Madrid where he met with Luis Delso and his associates. They are developing a project in the area known to locals as " Los Cruces". It was at Loss Cruces where Bing Crosby, Desi Arnez and other Hollywood types built homes. Los Cruces is on a large piece of land with only five houses and a small boutique hotel. The new project will be known as, "Azul de Cortes." A 14 kilometre road has been under construction from the Port Of Pichilingue to Azul del Cortes. A reliable source tells me that work has no ben completed.
Another Spanish company headed by Juan Manuel Ferri is developing a project to be known as Coral Baja. The developers are spending $ 350,000,000 on the project located on the East Cape. A new road is planned that will connect Coral Baja with the international airport at San Jose del Cabo.
Work is progressing on Quivira. This is a $ 1.5 billion project joining together the resources the Ritz Carlton Hotel chain of hotels, Jack Nicklaus and the Pueblo Bonito Oceanfront Resorts and Spas. In January, top executives of Marriott International, parent of Ritz Carlton came to vist the future home of The Ritz Carlton Los Cabos is on 1,850 acres of rolling foothills, with three miles of pristine beaches, yet only a mile away from downtown Cabo San Lucas. Quivira is being developed in phases with residential opportunities in each phase Phase one of the development will offer luxury living at the Residences of Ritz Carlton Cabos Quivira. Initial offering will include 44 ocean view homes on appricmatley1/3 acre lots as well as 75 one-story beach front homes on approximately ½ plus acre lots.
Source: John K. Glaab, CIP, Editor, The Settlement Company